Oppn Prez Gotabaya threatens impeachment; Protests outside the US embassy

Opposition leader Sajith Premadasa also called on the government to abolish the executive presidency, saying power should be divided between the executive, the legislature and the judiciary.

“The government must heed the people’s demand for Rajapaksa’s resignation. If not, we will bring a no-confidence motion,” said Samagi Jan Balaweiga (SJB) leader in parliament. According to media reports, the SJB has started collecting signatures from MPs for the no-confidence motion.

Rajapaksa had earlier proposed the formation of a unity government, but the main opposition party, Samagi Jana Balaweiga (SJB), rejected the idea. Premadasa said he could not agree to an interim government with President Rajapaksa as president. The SJB said it was also ready to impeach the president. He also submitted a set of proposals to Parliament on behalf of the SJB to address the economic crisis in Sri Lanka.

Sri Lanka’s central bank doubled its key interest rate on Friday, controlling inflation by raising an unprecedented 700 basis points each due to a crippling shortage of basic commodities driven by a devastating economic crisis.

The Monetary Board of Central Bank of Sri Lanka (CBSL) has raised its fixed loan facility to 14.50% and fixed deposit facility to 13.50%.

Rising demand, disruption of domestic supply, devaluation of local currencies and high prices of global commodities could keep up the pressure on inflation, CBSL said in its monetary policy decision statement.

“Rising prices will send a strong signal to investors and the market that we are getting out of this as soon as possible,” said Governor P. Nandalal Wiresinghe said in a briefing on the post-policy decision

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