Five months of Sri Lankan crisis: From state of emergency to $2.9 billion bailout deal
FirstpostThe island nation of 22 million people has suffered months of blackouts as well as acute food, fuel and medicine shortages Colombo: Sri Lanka struck a $2.9 billion bailout deal with the International Monetary Fund on Thursday, a key hurdle in the government’s efforts to overcome a painful and unprecedented economic crisis. AFP looks at how the crisis unfolded: 1 April: State of emergency President Gotabaya Rajapaksa declares a state of emergency after clashes between police and hundreds of demonstrators demanding his resignation outside his residence in the capital Colombo. 20 July: Wickremesinghe elected president Wickremesinghe beats two opponents to be elected president by parliament for the remainder of Rajapaksa’s term, which expires in November 2024. 1 September: Bailout deal The IMF announces a four-year, $2.9 billion bailout package, conditional on a deal between the government and its creditors to restructure its borrowings.