The Sri Lankan economic crisis is an ongoing crisis in the island-state of Sri Lanka that started in 2019. It is the country’s worst economic crisis since its independence in 1948. It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies and an increase in prices of basic commodities. The 2022 Sri Lankan protests are a series of ongoing protests in Sri Lanka against the government of president Gotabaya Rajapaksa. The government has been criticized for its mismanagement of the economy, the subsequent economic crisis and severe inflation, daily blackouts, and a shortage of fuel and other essential items. The key demand of the protesters is that the government run by the Rajapaksa family resign.

Thousands of protesters stormed the residence of president Gotabaya Rajapaksa and set the private residence of Sri Lankan prime minister on fire in Colombo. President Gotabaya Rajapaksa fled his residence in Colombo after protesters storm the residence and clash with police. At least 33 people are injured. Rajapaksa’s resignation is demanded amid the worst economic crisis in Sri Lanka since 1948.

The office of the Prime Minister announces that Ranil Wickremesinghe has agreed to resign after party leaders in Parliament call for his resignation. Speaker of the Parliament Mahinda Yapa Abeywardena says that Rajapaksa has agreed to resign on July 13.