All eyes are on Sri Lanka as it endures its worst economic crisis since Independence. Millions of families are struggling to put food on the table. Long lines of people queuing for fuel or gas are a common sight across the country. Sri Lanka’s doctors are running out of medicines for patients. Schools have run out of paper to conduct examinations. The large majority of the people are protesting with single focus, demanding the Rajapaksa brothers, who are in power, go home.
The Rajapaksas indeed must take the lion’s share of the blame. It was their authoritarian rule, arrogance and myopic policymaking that aggravated the economic downturn. The Government recently announced two major decisions — one, to default on its U.S.$51 billion external debt, in the process tainting the country’s unblemished record, and two, negotiate a support package with the International Monetary Fund (IMF) as the country “restructures” its debt.
