Colombo: Sri Lanka police shot dead a protester and wounded 12 others in what became the first casualty of a protester in weeks of anti-government demonstrations over the island's financial crisis. Scores of protesters teemed the streets and public places of Rambukkana town on Monday.
The demonstration went late into the night. Police said the protesters blocked the railway track at Rambukkana. When they were asked to clear the rail line, they hurled stones at security personnel, police said.Police Spokesperson Nihal Thalduwa said police issued warnings to the protestors to leave the area. However, the protestors attempted to set fire to a fuel bowser, as well as a three-wheeler causing damaging to property, Thalduwa was quoted as saying by News 1st channel. Thalduwa said that the police had opened fire after initially using tear gas to disperse the crowd and bring the situation under control. One person was killed and 12 others injured in the firing, police said. The injured were admitted to Kegalle hospital. Four of them are in critical condition, police said.
The country is facing its worst economic crisis since independence with food and fuel shortages, soaring prices and power cuts. Thousands of Sri Lankans are protesting against the government's handling of the economic situation. Meanwhile, Minister of Transport Dilum Amunugama said public bus fares have been hiked by 35 per cent. The minimum bus fare has been raised to Rs 27 from Rs 20. The high fuel cost has also caused a hike in bread prices. The 450 gm loaf has been raised by Rs 30, a bakery association statement read. The stock exchange has also been suspended for a week with effect from Monday amidst the economic turmoil.
Moody's Investors Service on Tuesday downgraded Sri Lanka's sovereign rating to Ca from Caa2 with a stable outlook, following a decision by the island to suspend debt payments. Moody's said the suspension would lead to will lead to a series of defaults with the first coupon payments for the government's international bonds coming due today, 18 April 2022. Moody's assesses that private sector creditor losses stemming from the eventual debt restructuring is likely to be material and exceed the limited levels of loss consistent with the previous Caa2 rating.
Meanwhile, Sri Lanka's embattled Prime Minister Mahinda Rajapaksa on Tuesday has proposed to amend the Constitution to create an accountable administration that met the people's aspirations, amid large scale protests against the government over its handling of the economy. Sri Lanka's economy has been in a free-fall since the onset of the COVID-19 pandemic, leading to the crash of the tourism sector. Last week, the Sri Lankan government said it would temporarily default on USD 35.5 billion in foreign debt as the pandemic and the war in Ukraine made it impossible to make payments to overseas creditors.
PTI
