AFP looks at how cash-strapped Sri Lanka ended up in its worst-ever economic crisis, and what comes next in its complicated, corrupt and sometimes violent political system. Sri Lanka’s financial woes were triggered by the coronavirus pandemic but exacerbated by mismanagement under Rajapaksa’s government. Rajapaksa formally quit on July 14, just 32 months into his five-year term, with prime minister Wickremesinghe automatically elevated as the acting leader under the country’s constitution. Despite their differences, Sri Lanka’s political parties are united in their support for ongoing talks with the International Monetary Fund, with Wickremesinghe saying a bailout is urgently needed. But the political crisis has interrupted the negotiations, and the IMF said Thursday that it hoped the unrest would be resolved soon so they could resume.

Source: Philippine Daily Inquirer July 16, 2022 16:49 UTC