In its first reaction to the flurry of fast-paced developments in Colombo, India on Sunday, July 10, said it stands with the people of Sri Lanka as they seek to realise their aspirations for prosperity and progress through democratic means, values and constitutional framework. Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi said India continues to closely follow the developments in Sri Lanka and that it is aware of the many challenges that the country and its people have been facing.
Embattled Sri Lankan President Gotabaya Rajapaksa on Saturday, July 9 announced that he will resign after angry protesters stormed his official residence and set Prime Minister Ranil Wickremesinghe's private residence on fire. "We are aware of the many challenges that Sri Lanka and its people have been facing, and we have stood with the Sri Lankan people as they have tried to overcome this difficult period," Bagchi said.
"India stands with the people of Sri Lanka as they seek to realise their aspirations for prosperity and progress through democratic means and values, established institutions and constitutional framework,” he said. He also referred to India's financial aid to help the island country deal with its severe economic crisis. "In pursuance of the central place that Sri Lanka occupies in our Neighbourhood First policy, India has extended this year itself an unprecedented support of over USD 3.8 billion for ameliorating the serious economic situation in Sri Lanka," Bagchi said.
Our response to media queries on the situation in Sri Lanka:https://t.co/w2uUTPRUia pic.twitter.com/3AUKlJiRTZ
— Arindam Bagchi (@MEAIndia) July 10, 2022
Meanwhile, the Sri Lankan President's whereabouts are still not known. His only communication outside since the protesters stormed into the city has been with Parliament Speaker Mahinda Yapa Abeywardena, who announced late Saturday night that the President would resign on Wednesday. President Rajapaksa informed the Speaker about this decision to quit after Abeywardena wrote to him seeking his resignation following the all-party meeting of leaders held Saturday evening.
The Speaker would become the acting President in the absence of both the President and the Prime Minister. Later, an election among MPs must happen to elect a new President. Prime Minister Wickremesinghe has also offered to resign.
In May, President Gotabaya Rajapaksa's elder brother and Prime Minister Mahinda Rajapaksa had to quit in the face of massive anti-government protests. The Rajapaksa brothers, Mahinda and Gotabaya, were hailed by many in Sri Lanka as heroes for winning the civil war against the LTTE but they are now blamed for the country's worst economic crisis.
The expected exit of President Gotabaya Rajapaksa on Wednesday and the resignation of Mahinda Rajapaksa as Prime Minister in May is a dramatic fall from grace for a powerful family that has dominated Sri Lankan politics for more than a decade.
Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, the worst in seven decades, crippled by an acute shortage of foreign exchange that has left it struggling to pay for essential imports of fuel, and other essentials. The country, with an acute foreign currency crisis that resulted in foreign debt default, had announced in April that it is suspending nearly USD 7 billion foreign debt repayment due for this year out of about USD 25 billion due through 2026. Sri Lanka's total foreign debt stands at USD 51 billion.