Sri Lanka crisis: What is going on in the country?

Sri Lanka is currently facing the biggest economic crisis it has seen since it gained independence from the UK in 1948.

People have struggled to buy things like food, medicine and fuel because of shortages. Many of these basic items have become too expensive, meaning people aren't able to afford them.

Lots of Sri Lankans have been taking to the streets to protest because they're angry about the state of their country.

The current financial crisis is believed to be down to the government's poor handling of Sri Lanka's finances, with those who've come into power over the years spending more money than the country was bringing in.

Many Sri Lankans are angry at the moment

Sri Lanka's president Gotabaya Rajapaksa gave a speech last Wednesday and it was the first time he'd addressed the people since protests began over a month ago because of the economic situation.

During his speech, the country's leader said he would restore order. However, many Sri Lankans say the president failed to address the serious issues the country is currently going through and lots of people want him to resign.

There's been a shortage of food, fuel and medicine

New leadership

The president recently appointed Ranil Wickremesinghe as Sri Lanka's new prime minister.

It's the sixth time Mr Wickremesinghe sixth time has held the position, although he's never remained in the role for the full term.

The new government leader is believed to have close ties to the Rajapaksa family which the president is a part of, despite him being the leader of the opposition. Experts believe he's been chosen because he's likely to protect their interests.

Some Sri Lankans are in favour of Wickremesinghe's appointment, while others have questioned the move.

Sri Lanka has a new prime minister

How are Sri Lankans feeling?

Despite the appointment of a new prime minister, many people in Sri Lanka are still unhappy that president Gotabaya Rajapaksa has remained in power.

"People don't have medicine, people don't have food, the entire country's at a standstill," Kavindya Thennakoon, a protester in Sri Lanka's capital Colombo, told the BBC.

"The reforms he's suggesting are not what we need. What we need right now is for [the president] to resign from office... It baffles my mind that Gotabaya Rajapaksa doesn't understand that," he continued.

Many people have been calling for the country's president to resign

The president's brother, Mahinda Rajapaksa, who was the country's president between 2005 and 2015, stepped down from his position as prime minister on Monday over the current crisis.

The president then offered to appoint a new prime minister which he's now done and he also said he'd give up some of his powers to parliament. However, but he's set no timetable for this and is showing no signs of quitting his role.

What's caused the crisis?

Sri Lanka's problems are largely the result of foreign currency reserves running out.

This is the amount of gold or money in another country's currency - for example, British pounds or US dollars - that a country has in the bank which is used to help pay for things they get from abroad.

The lack of reserves means Sri Lanka can't afford to pay for basic foods and fuel which it buys and imports from other countries and this has led to shortages, very high prices and power cuts for several hours a day.

The country currently has $51 billion (£39 billion) worth of foreign debt. Its economic problems have caused its currency, the Sri Lankan rupee, to drastically fall in value.

There have been protests in the country for over a month

The government has blamed the coronavirus pandemic for the current financial crisis as Sri Lanka relies a lot on tourism to get foreign currencies.

However, lots of experts are saying the government's mismanagement of the country's money is the real reason behind its problems.

Many people aren't happy with the Rajapaksa family, which the current president is part of. Several members have had high profile government roles and lots of Sri Lankans believe they've been using the country's wealth for their own benefit.

What's going to happen next?

The president's brother Mahinda Rajapaksa has resigned as Sri Lanka's prime minister

Many people in Sri Lanka are still calling for the president to resign.

"What he has done is despicable, he has brought all of us to this state of hunger and poverty," Abu Nawaz, who is a small business owner in Colombo, told news agency AFP.

"What is the point of keeping him as the president?" he added. "Will this end our miseries?"

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