Sri Lanka marks independence anniversary amid economic woes

Sri Lanka marks independence anniversary amid economic woes


Sri Lanka’s President Ranil Wickremesinghe attends the the country’s 75th Independence Day celebrations at Galle Facial area Green in Colombo, Sri Lanka February 4, 2023.

Nurphoto | Nurphoto | Getty Illustrations or photos

COLOMBO, Sri Lanka (AP) — Sri Lanka marked its 75th independence anniversary on Saturday as a bankrupt nation, with many citizens angry, nervous and in no mood to rejoice.

Many Buddhists and Christian clergy experienced declared a boycott of the celebration in the money, when activists and some others expressed anger at what they see as a squander of income in a time of significant financial disaster.

Regardless of the criticism, armed troops paraded together the major esplanade in Colombo, showcasing armed forces machines as navy ships sailed in the sea and helicopters and aircraft flew around the metropolis.

Catholic priest Rev. Cyril Gamini referred to as this year’s ceremony commemorating independence from British rule a “criminal offense and waste” at a time when the region is encountering these kinds of economic hardship.

“We question the federal government what independence they are going to proudly celebrate by expending a sum of 200 million rupees ($548,000),” mentioned Gamini, including the Catholic Church does not condone paying out community cash on the celebration and that no priest would show up at the ceremony.

About 7% of Sri Lanka’s 22 million persons in this Buddhist-vast majority nation are Christians, most of them Catholics. Even with being a minority, the church’s views are respected.

Outstanding Buddhist monk Rev. Omalpe Sobitha said there is no rationale to rejoice and that the ceremony is just an exhibition of weapons designed in other nations around the world.

Sri Lanka is effectively bankrupt and has suspended repayment of virtually $7 billion in overseas credit card debt because of this calendar year pending the result of talks with the Global Financial Fund.

The country’s full overseas financial debt exceeds $51 billion, of which $28 billion has to be repaid by 2027. Unsustainable financial debt and a serious balance of payment disaster, on leading of lingering scars from the COVID-19 pandemic, have led to a significant shortage of necessities this sort of as fuel, drugs and food.

The shortages led to protests past calendar year that compelled then-President Gotabaya Rajapaksa to flee the state and resign.

There have been signs of advancement underneath President Ranil Wickremesinghe, but energy cuts keep on thanks to the fuel shortages, hospitals face medication shortages and the treasury is battling to raise money to pay back authorities employees’ salaries.

The financial disaster has made men and women angry and apathetic toward political leaders.

To control the country’s expenses, the govt has improved income taxes sharply and has introduced a 6% slash in money allocated to every ministry this 12 months. Also, the army, which had swelled to more than 200,000 customers amid a very long civil war, will be downsized by approximately fifty percent by 2030.

A group of activists started a silent protest on Friday in the funds, condemning the government’s independence celebration and failure to relieve the financial burden.



Resource

Gold, silver prices fall after CME raises precious metals margins — again
World

Gold, silver prices fall after CME raises precious metals margins — again

One kilogram and a five hundred gram gold bars next to one kilogram silver bars at The Vaults Group gold dealers arranged in Barcelona, Spain, on Monday, April 28, 2025. Bloomberg | Bloomberg | Getty Images Gold and silver prices lost ground on Wednesday as investors booked profits after a historic annual rally and exchange […]

Read More
Retail investors close out one of their best years ever. How they beat Wall Street at their own game
World

Retail investors close out one of their best years ever. How they beat Wall Street at their own game

A graph displaying the Apple stock price on a smartphone app. Jaap Arriens | Nurphoto | Getty Images Retail investors have had a gangbuster year in 2025. Mom-and-pop investors bought the dip at key points this year, providing strong returns as the market climbed to all-time highs. Once thought of as unsophisticated and easily duped, […]

Read More
Champagne sales surge at New Year — but labor abuses and tariffs have clouded the industry
World

Champagne sales surge at New Year — but labor abuses and tariffs have clouded the industry

Bulgarian grape harvesters work in the vineyards of Chateau de Meursault in Meursault, in the Burgundy region of central-eastern France, on August 26, 2025. (Photo by ARNAUD FINISTRE / AFP) (Photo by ARNAUD FINISTRE/AFP via Getty Images) Arnaud Finistre | Afp | Getty Images It’ll come as no surprise that sales of Champagne peak in […]

Read More