Sri Lanka is seeking $3 billion to deal with crisis, FM says as protests continue

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and the entire Rajapaksa family from the government, opposition leader Sajith Premadasa also called for the abolition of the executive bureau and said power should be shared between the executive, legislature and judiciary.

“The government must heed the public demand for the Rajapaksas to withdraw, otherwise we will table a motion of no confidence,” Samagi leader Jana Balawegaya (SJB) told parliament. According to media reports, the SJB has started collecting MPs’ signatures for the motion of no confidence.

Rajapaksa had previously proposed forming a unity government, but the main opposition party Samagi Jana Balawegaya (SJB) rejected the idea. Premadasa said he cannot agree to an interim government with President Rajapaksa remaining president. The SJB said it was also prepared to impeach the president. He also submitted a series of proposals to Parliament on behalf of the SJB to deal with the economic crisis in Sri Lanka.

Sri Lanka’s central bank on Friday doubled interest rates, raising them by an unprecedented 700 basis points each, to tame inflation, which has soared due to crippling shortages of basic goods sparked by a devastating economic crisis.

The Monetary Board of the Central Bank of Sri Lanka (CBSL) increased its standing credit facility to 14.50% and its standing deposit facility to 13.50%.

Build-up in aggregate demand, domestic supply disruptions, collapsing local currency and high global commodity prices could keep inflation under pressure, CBSL said in its policy decision statement.

“The rate hike will send a strong signal to investors and markets that we are getting out of this situation as soon as possible,” Governor P. Nandalal Weerasinghe said at a briefing after the policy decision.

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