MHMarkets：Sri Lanka plunges into chaos, its president flees

MH Markets | 2022-07-14 19:00

Abstract：Sri Lanka is in disarray, with its president fleeing and appointing the prime minister as interim leader as questions keep surfacing about the country's future. Troubled President Gotabaya Rajapaksa left Sri Lanka on Wednesday for the Maldives, a nearby archipelago country often referred to as a luxury resort as his country remains mired in an unprecedented economic crisis.

Sri Lanka is in disarray, with its president fleeing and appointing the prime minister as interim leader as questions keep surfacing about the country's future. Troubled President Gotabaya Rajapaksa left Sri Lanka on Wednesday for the Maldives, a nearby archipelago country often referred to as a luxury resort as his country remains mired in an unprecedented economic crisis.

With speculation that the president could flee to Singapore, there has been confusion over the stewardship of his once prosperous country and whether Rajapaksa will officially resign - as he promised before vanishing in the wee hours of the morning. The curfew imposed on Sri Lanka's 22 million people has been lifted, but the South Asian island nation is not near normalcy after months of protests over food and fuel shortages.

Photos on Wednesday showed crowds of protesters pouring into the prime minister's office, waving Sri Lankan flags and singing. Some crowded onto balconies, opened windows and raised their fists at the crowd gathered below. Police used tear gas and water cannons to disperse the crowd. Photos showed protesters covering their faces with masks, headscarves and plastic goggles; some picked up tear gas canisters and threw them back at police.

At least 75 people were injured in Wednesday's protests, according to the Colombo National Hospital. Many were brought in for tear gas inhalation, and others may have been cut and bruised for trying to jump over the fence, according to a nurse at the hospital.

Sri Lankan police said on Thursday that a policeman was rushed to hospital for treatment after being seriously injured during Wednesday's protests. An Army sergeant was also injured in the scuffle with protesters, police added.

In the incident, protesters took a T-56 rifle and two live ammunition, each containing 60 rounds, police said. Police are looking for service weapons and ammunition to bring them back to police custody. As the demonstrations escalated, Wickremesinghe's office declared a state of emergency - which was later lifted - and imposed a nighttime curfew. He also appointed a committee of senior armed forces commanders to coordinate ground forces across Sri Lanka and “restore law and order”.

Financial data and events to focus on today:

20:30 Initial jobless claims for the week ending July 9

20:30 US June PPI monthly rate

22:30 US to July 8 week EIA natural gas inventories

23:00 Federal Reserve Governor Waller speaks on the US economic outlook

23:00 Bank of Canada Governor Macklem holds a press conference

The next day at 02:00, the Federal Reserve will announce the Beige Book of economic conditions

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