Who advised @GotabayaR to ban chemical fertiliser overnight? Who asked him not to seek @IMFNews. Regretting the past blunders won’t help to end the food shortage and economic crisis. Already #SriLanka is trying to borrow $700 mln from @WorldBank to import chemical fertilisers. Should the people pay for the blunders made by those who advised @GotabayaR? Why can’t lawyers prosecute those who ill-advised on these policies? This should be a lesson to all future policy makers not to play with public life with their arrogance and ego and wrong policies.

In an unprecedented move, #SriLanka’s @CSE_Media closes market activities for five days amid expected plunge after rate hike, sovereign debt default, and credit rating downgrade. Analysts say the market will close within a few minutes because of 5%, 7.5%, & 10% circuit breakers The move also comes at a time local banks are facing concerns over failures after default. Some banks have provided margin credits in billions of rupees and opening the @CSE_Media could erase the value of their debtors’ stocks in a few minutes, sources say

@milindarj has responded to @Abihabib on what actually happened during the interview in a long text.

https://twitter.com/shiharaneez/status/1514970637911019520

@milindarj: “After the interview had ended, i personally helped her walk down the steeper staircase considering the fact that she was pregnant. And the first thing she said was ‘I must get a coffee’ once we all got out of the room….

1/20
The intensifying youth protests to oust #SriLanka leaders are not only likely to force @GotabayaR, @PresRajapaksa, @RealBRajapaksa, and @RajapaksaNamal out of government, but also likely to bring down the entire failed political system….. 2/20
When we analyse the reason, it’s quite evident why this is taking place now. In a country which has increasingly seen politicians trying to enslave all the people using people's tax money, the new unprecedented revolution has given some hopes…..

1/4
After an organic people revolution in #SriLanka, except the entire cabinet ministers have given “collective resignation letter” except @GotabayaR & @PresRajapaksa, leaving them to decide the future cause. But people asked for something else. 2/4
This should not be just a change. People should push the @PodujanaParty-led government to find out:
- Who is responsible for financial collapse?
- Who should be accountable for making the people like beggars?
- Who made decisions to keep the rupee rates artificially stable?

1/5
In an interview with @WIONews, former #SriLanka PM @RW_UNP says:
- Rupee likely to hit 400 rupees against $
- state-owned fuel retailer CPC has defaulted twice
- conflict between treasury and @CBSL’s monetary board resulted in policy impasse
2/5
- economic crisis has exploded into a political crisis after violent protest near @GotabayaR’s residence
- budget needs to be changed to a social welfare instead of the current development oriented
- with the mounting protests, political system is under threat

1/8
Focus is now on @GotabayaR, @PresRajapaksa, @RealBRajapaksa, and @RajapaksaNamal, But the real issue is how they were misled by bureaucrats and senior officials to drag this country to this level? For instance, @CBSL on Oct.1 came up with this road map 2/8 - According to these charts, the @CBSL has shown that #SriLanka will see an inflow of over $26 billion inflows (a third of Sri Lanka's GDP) in the 6 months ending on March 31, 2022. The @PodujanaParty government trusted the @CBSL and totally relied on this.

#SriLanka has officially announced to seek @IMFNews help to address current economic & debt crisis. Implications of going for IMF deal:
- Sri Lanka will be forced to bring down its fiscal deficit, government debt, inflation, reforms and improve its reserves, balance of payments. 1. Reducing fiscal deficit:
- Increase tax
- Cut govt expenditure
- Sell state assets
- Stop funding for loss making state owned institutions (SOEs) like CEB, CPC, @flysrilankan
- Privatizing SOEs
- Subsidies on Electricity, fuel, cooking gas, transport unlikely

#SriLanka @CBSL chief @an_cabraal increases banks’ dollar surrendering to 25% from earlier 10% which could reduce dollar liquidity to importers after failing all his efforts to ensure estimated $11.45 billion inflows including exports, remittances, tourism revenue It’s only 4 days more for @an_cabraal to prove his latest estimate of $3 billion reserves by this Friday. Sri Lanka’s easiest way is to get already discussed #China’s 10 billion Yuan ($1.5 billion) which sources close to the can only be used for Chinese imports

#BREAKING - #Iran, #SriLanka sign tea for oil payment deal. Sri Lanka owes $251 million for National Iranian Oil Company for crude import before US #Sanctions. Now both countries sign MOU to settle it by means of utilizing $251 mln to facilitate the export of Ceylon Tea Facing both economic crisis and dollar shortage, Sri Lanka's deal with Iran is expected to help ease its pressure on the looming balance-of-payment crisis.

#SriLanka's monthly foreign remittances fall to multi-year low of $271.4 mln in Nov, plummet 55.6% from a year ago as more migrant workers switch to hawala/undiyal system, despite @CBSL chief @an_cabraal warns against illegal hawala brokers and those who receive money via hawala This is how @an_cabraal responded to questions on incentive for worker remittances and grey market dollar rate of 240 rupees.