Sri Lanka’s Recent Political And Economic Challenges
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Sri Lanka is facing unprecedented
political turmoil. It is also facing the weakest economic situation in decades.
The country is exposed to external shocks because of foreign loans. And it
facing enormous internal problems due to political instability and poor
governance.
There are many protest movements in Sri
Lanka today. Because the new generation of the country is aware of the current
economic and political crisis in the country. Not only that, the people of the
country are suffering from many economic problems. Gas shortages, fuel
competition, and high prices are examples.
when we categorize Sri Lanka’s challenges, they can be divided
into political and economic challenges.
The political challenges mean what
challenges politicians face when ruling the country. The rejection of the
entire legislature including the president, by the people and the erosion of
public confidence in them, the people's dissatisfaction with the unlimited
power vested in the president by the 20th amendment, and the existing political
system. Can be shown as examples.
The economic challenges mean what
challenges Sri Lanka faces when dealing with international and local
businesses. Sri Lanka has had usable foreign exchange reserves for only a few
weeks, there is a huge shortage of fuel, gas, and electricity, households are
struggling to get basic food items, and banks and businesses are facing a
dollar deficit. the problems that I mentioned above can be shown as examples of
Sri Lanka's economic challenges.
Sri Lanka president Mr. Gotabhaya Rajapaksha announced his request for support from the international monetary fund in march 2022. But the reviewers said that the determination is too late. The Central Bank of Sri Lanka decided to print extra money as a solution to these difficulties. It does not produce good results. This is due to the increase in inflation due to the depreciation of the rupee against foreign currencies.
As a result of these idiosyncrasies, Sri Lanka today
is facing high inflation. Sri Lanka must overcome all the above problems and
challenges and move forward successfully within the framework of future
democracy.
The question is how to move forward successfully and
democratically in the face of such a difficult economic and political
situation. To grow our economy again it
is important that the youth of the country generously support and unite. The
economy must be built and foreign currency can be brought to Sri Lanka by
restricting imports and capturing foreign markets through exports. Providing
workers overseas is another positive answer to this.
The political situation must be refreshed for a
better future. All the Corrupt politicians must be flushed out Control must be
in the hands of the right people, and action must be taken to abolish the legal
system and constitutional amendments that give the rulers unlimited and undue
power. If the regime is corrected, the strengthening of democracy in the
country is inevitable.
Sri
Lankans must work together for a better tomorrow, regardless of race, religion,
or caste.
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