50 Days for #GotaGoGama

50 Days for #GotaGoGama

50 Days for #GotaGoGama

Written by Teena Marian

28 May, 2022 | 8:26 am

COLOMBO (News 1st); Today (28) marks 50 days since the inception of the GotaGoGama protest site, opposite the President’s Office in Colombo, demanding the immediate resignation of the President.

Hundreds are expected to flood the streets of Galle Face on Saturday (28) as the Occupy Galle Face protest continued its call for President Gotabaya Rajapaksa to step down.

The Occupy Galle Face protest started on the 9th of April 2022 and has been going on daily, despite adverse weather and the 9th May Black Monday attacks on the protest site.

Protestors blame the government for the mismanagement of the economy, which has sent prices of goods skyrocketing and the country’s reserves plummeting to levels reaching a record low.

GotaGoGama also has a network of nationwide branches that popped up to support the main protest against the President and the Government.

Sri Lanka defaulted on its debt for the first time in its history as the country struggles with its worst financial crisis in more than 70 years.

A 30-day grace period to come up with $78m of unpaid debt interest payments expired.

Sri Lanka is seeking to restructure debts of more than $50bn it owes to foreign creditors, to make it more manageable to repay.

A chronic shortage of foreign currency and soaring inflation have led to a severe shortage of medicines, fuel and other essentials.

The International Monetary Fund said it made “good progress” in analyzing Sri Lanka’s economic situation and identifying policy priorities, while cautioning that a loan would require adequate assurances that debt sustainability will be restored.

Discussions with Sri Lanka over the past two weeks focused on restoring fiscal sustainability while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange-rate regimes; preserving financial-sector stability; and structural reforms to enhance growth and strengthen governance, the IMF said in a statement on Thursday.

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