COLOMBO: Sri Lanka’s economy will “collapse beyond redemption” unless a new government is appointed within two days to restore political stability, the central bank chief said Wednesday.
He said the latest wave of mob violence derailed the bank’s recovery plans, and the resignation of the prime minister on Monday and the lack of a replacement were complicating matters.
He said political stability was vital to implementing economic reforms aimed at addressing the country’s debt crisis and the acute shortage of foreign exchange to import essentials.
“If there is no government in the next two days, the economy will completely collapse and no one will be able to save it,” Central Bank of Sri Lanka Governor Nandalal Weerasinghe said.
“The country was fast going down a slope when I took over just over a month ago. I thought we were able to apply the brakes, but with events of Monday the brakes no longer work.
“Within a week or two the economy will completely collapse. No one will be able to save Sri Lanka at that stage. My being here as governor will not help,” he said.
“I will resign if there is no immediate action to form a government.”
Shortly after taking over last month as the bank’s chief, Weerasinghe announced defaulting on Sri Lanka’s $51 billion external debt saying the country had no money to pay its creditors.
He almost doubled interest rates and allowed the rupee to depreciate rapidly to ensure better foreign exchange liquidity in the commercial banks.
Sri Lanka is facing its worst economic crisis since independence from Britain in 1948 after it ran out of dollars to import even the most essentials.
There had been long queues for fuel and food causing severe hardships for the nation’s 22 million people, prompting them to protest against the government.
“If we don’t have political stability, very soon we will run out of what little petrol and diesel left. At that point people will get on the streets to protest peacefully or violently,” Weerasinghe added.
This week, the crisis took an ugly turn with nine people killed in violence and more than 200 injured.
Sri Lanka economy will ‘collapse’ if no new govt in 2 days: central bank
https://arab.news/2d38q
Sri Lanka economy will ‘collapse’ if no new govt in 2 days: central bank
- “If there is no government in the next two days, the economy will completely collapse and no one will be able to save it,” Central Bank of Sri Lanka Governor said
- Sri Lanka is facing its worst economic crisis since independence from Britain in 1948 after it ran out of dollars to import even the most essentials
Indian state hunts wild elephant after 20 killed in rampage
- Attacks have been taking place in Jharkhand state since early January
- Deaths come amid increasing destruction of elephants’ natural habitat
NEW DELHI: A team of 100 forest and wildlife officers is on the hunt for a wild elephant that has killed at least 20 people in a days-long rampage in eastern India, officials said on Wednesday.
The elephant attacks have been taking place since early January in the Chaibasa and Kolhan forest areas of West Singhbhum district in Jharkhand state, which is also home to the Singhbhum Elephant Reserve.
“Twenty people have lost their lives,” Aditya Narayan, divisional forest officer, Chaibasa, told Arab News. “This is unusual ... we have put the entire area on alert and asked the villagers not to step out unnecessarily. This is an alarming situation.”
Smitha Pankaj, chief forest conservator in the Singhbhum area, said the animal has not been sighted yet but it has been established that it is a bull in musth — a period of heightened testosterone and a known factor in aggressive behavior.
“This attack has happened when the testosterone level of elephants is at its peak. Besides that, people have also been agitating the elephant,” she said.
“I feel that it has crossed the Jharkhand border ... our team consisting of over 100 people is monitoring the situation.”
The rampage took place as human activity leads to the shrinking of the natural habitat of elephants. Settlements are encroaching on areas that once served as seasonal movement routes for elephant herds.
Rishikesh Singhdev, a forest rights activist, also attributed the attacks to deforestation and insufficient efforts to preserve the elephant population.
“In 2005, the government gave land to humans in the forests and, as a result, the human population in the jungle kept on increasing. It is believed that elephants do their movement on the route that their ancestors have walked. Elephants have killed people who fell on this route,” he said.
“Elephant food habitats have disappeared. This is the first elephant reserve forest in India, but no attempt is being made to preserve and secure the elephants.”
