Sri Lanka Central Bank Governor warns to step down if political stability not ensured

Dr. Nandalal Weerasinghe, the Governor of Sri Lanka's Central Bank, has warned that economic recovery will be difficult unless political stability is achieved. Dr. Weerasinghe told reporters in Colombo on May 11 that if political stability is not reached within two weeks, he will step down as Governor of the Central Bank of Sri Lanka.

"When a country is facing such a situation, economic revival is impossible," he stressed, adding that the circumstances would not aid Sri Lanka's economic recovery.

He further stated that the Executive President and the 225 MPs must establish a stable government framework that will allow the country to achieve law and order and peace. Moreover, the head of the Central Bank criticised the attacks on peaceful protesters and the subsequent events, which included house fires, gunshots, and looting.

Military troops deployed on the streets to ensure public security

Meanwhile, in the midst of widespread protests against the government's failure to address the country's worst economic crisis, Sri Lankan authorities deployed troops and military vehicles on the streets on May 11 to protect public security in the capital.
The deployment comes a day after the country's Ministry of Defence authorised the Army, Air Force, and Navy to shoot on anyone plundering public property or harming others during violent protests in the island nation that took place over the extraordinary economic and political crisis.

According to the News First newspaper, Army Special Forces Combat Riders have been deployed on mobile patrol in Colombo and its surroundings. Earlier on May 11, President Gotabaya Rajapaksa urged the public to reject subversive tactics, saying that now is the moment for all Sri Lankans to work together to tackle the country's economic, social, and political issues.

Crisis in Sri Lanka

On May 9, Mahinda Rajapaksa, 76, resigned as Prime Minister amid unprecedented economic upheaval in the country, hours after his supporters attacked anti-government protesters, causing authorities to impose a statewide curfew and deploy Army forces in the city. Following the attack, pro-Rajapaksa politicians were subjected to widespread violence.

During the riots, at least eight people were killed and over 250 others were injured, with scores of properties belonging to ruling party politicians being set on fire. A lack of foreign currency has contributed to the crisis, since the country has been unable to pay for imports of basic goods and gasoline, resulting in severe shortages and exorbitant costs.

(With Agency inputs)

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