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Timeline of Sri Lanka’s economic crisis
President Gotabaya Rajapaksa announced extensive tax cuts. The value-added tax was decreased to 8% from 15%. Additionally, the cabinet also abolished 7 other taxes, including a 2% nation building tax paid by businesses.
The pandemic aggravated the situation as tourist inflows and revenues fell. Exports of commodities like tea and rubber declined due to lower demand and remittances also fell as Lankans across the globe lost jobs. The country’s economy declined by 3.6%.
The government decided to ban the import of chemical fertilisers and any other agrochemicals to convert the nation’s agriculture sector to 100% organic.
Sri Lanka declared an economic emergency to control food supply amid soaring inflation. The country devalued its currency and imposed import restrictions on many items to prevent further depletion of its forex reserves.
Protests by farmers and a surge in food inflation led the government to revoke the import ban on chemical fertilisers after six months.
Sri Lanka failed to pay for crucial imports due to shortage of foreign currency leading to shortages of commodities. On 30 March, it announced nationwide 13-hour daily power cuts.
More than 2000 people held a protest march in Columbo and clashed with the police outside the home of Sri Lankan President Gotabaya Rajapaksa. Police fired tear gas and water cannon at protesters trying to storm the residence of the President.
Protesters demanded the resignation of President Rajapaksa.
President Gotabaya Rajapaksa declared a public emergency and imposed a nationwide lockdown till 4th April to 'protect public order and maintain essential supplies and services.’
Social media platforms including Twitter, Facebook, YouTube and Instagram were blocked in Sri Lanka.
Sri Lanka's Cabinet of Ministers resigned with immediate effect, as the country experienced its worst economic crisis of all time.
Sri Lanka’s Finance Minister resigns a day after being sworn in.
Amidst the growing unrest at least 41 lawmakers walked out of the ruling alliance.
President Gotabaya Rajapaksa’s ruling coalition lost its majority in parliament. He revokes the emergency order.
President Gotabaya Rajapaksa asks experts to plan debt restructure to help Sri Lanka out of economic crisis
The Central Bank of Sri Lanka doubled its key interest rates by 700 basis points to fight inflation.
Thousands of protesters gathered near the Galle Face green seafront near President Secretariat. This was the largest agitation yet since public protests erupted against the government.
Sri Lanka PM appeals to end the protest.
A statement from the finance ministry said, "It shall be the policy of the Sri Lankan government to suspend normal debt servicing, shall apply to amounts of affected debts outstanding on April 12, 2022."
Sri Lankans shared milk rice and oil cakes to celebrate their traditional new year opposite the president's office, where they camped out for a sixth day demanding his resignation.
A delegation led by finance minister Ali Sabry heads to the US to engage with the IMF to secure a $4 billion package.
One person died and several were wounded as police opened fire on a crowd protesting against rising fuel prices amidst the economic crisis.
Cabinet minister Nalaka Godahewa and other senior party members backed street protests calling for the resignation of the prime minister over a worsening economic crisis.
Several hundred worker unions went on a mass strike, calling for the resignation of the ruling Rajapaksa brothers, as the country battles one of its worst economic crises.
President Gotabaya Rajapaksa declared a state of emergency amidst the protest.
PM Mahinda Rajapaksa resigns after months of anti-government protests.
Sri Lankan authorities imposed a nationwide curfew and Army troops were deployed in the capital after pro-government groups attacked protesters outside embattled President Gotabaya Rajapaksa's office.
Sri Lankan security forces have been ordered to shoot law-breakers on sight in a bid to quell anti-government protests on the island.
In a nationwide address President Gotabaya said that he will appoint a new PM and Cabinet ‘without any Rajapaksas’ this week.
Ranil Wickremesinghe appointed as the new Prime Minister by President Gotabaya
Sri Lanka’s new prime minister says the country is down to its last day of petrol
Crisis-hit Sri Lanka announced weekly fuel quotas for motorists, as an acute shortage worsened and longer queues formed outside the few pumping stations still operating
Sri Lanka's military opened fire to contain rioting at a fuel station, as unprecedented queues for petrol and diesel were seen across the country.
Sri Lanka stops fuel supply to non-essential services
Gotabaya asks Russia's Vladimir Putin to help the cash-strapped nation to import fuel
Amid massive unrest in the country, protestors stormed in Gotabaya's official residence and set ablaze the private residence of Sri Lankan PM Ranil Wickremesinghe
Gotabaya flees to Maldives on military jet
Ranil Wickremesinghe appointed as acting President and declares Emergency Law
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