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Sri Lanka PM resigns as the country grapples with worst economic crisis

The Arabnews reported, Sri Lanka’s Prime Minister Mahinda Rajapaksa resigned on Monday (May 9), a government official has confirmed, as the island nation’s worst economic crisis since independence led to widespread protests against the ruling administration.
The South Asian country is on the brink of bankruptcy and has suspended payments on its foreign loans.
Sri Lankans, suffering from months of blackouts and dire shortages of essential items such as food and fuel, have been taking to the streets in largely peaceful protests demanding the government steps down.
On Monday (May 9), violent clashes erupted between supporters of Sri Lanka’s ruling party and anti-government protesters in Colombo, where police also fired tear gas and water cannons to drive back the demonstrators.
Effective immediately I have tendered my resignation as Prime Minister to the President.
— Mahinda Rajapaksa (@PresRajapaksa) May 9, 2022
අගමැති ධූරයෙන් ඉල්ලා අස්වීමේ ලිපිය ජනාධිපතිතුමා වෙත යොමු කළෙමි.
Rohan Wellivita, media secretary to the prime minister, told Arab News: “Prime Minister Mahinda Rajapaksa tendered his resignation from the premiership to the president in the afternoon on Monday."
In a copy of his resignation letter seen by Arab News, Rajapaksa said his government “is not solely responsible” for the economic crisis, adding that problems have been brewing since the country’s independence and “it got aggravated due to the COVID pandemic.”

Official Twitter account
The letter reads: “I am prepared to sacrifice my post for the betterment of the nation." It added that he was quitting to help form an interim, unity government.
The premier’s resignation, which means that the entire cabinet is dissolved, came after a day of chaos and violence that culminated in authorities imposing a nationwide curfew and the deployment of armed troops in the capital. According to reports, at least 138 people were wounded in the violence.
Sri Lanka declares state of emergency amid public protests
Until recently, President Gotabaya Rajapaksa and his ruling family have resisted calls to resign, with the government also facing a no-confidence motion in parliament. The president is the prime minister’s younger brother.
There will be 10-hour daily power cuts starting from Wednesday in Sri Lanka
Supporters of the Rajapaksa family, some reportedly armed with iron bars, attacked the anti-government demonstrators at the “Gota Go Gama” tent village that has become the focal point of nationwide protests. The violence marked the first major clash between the two camps since protests began in late March.
As anti-government protests continued to escalate, the president declared a state of emergency on Friday, which gave sweeping detention powers to the military and allowed him to make laws without parliamentary approval.
Sri Lanka arrests religious leader over deadly Easter attacks
Hit hard by the pandemic and rising oil prices, Sri Lanka had announced earlier this month that it was defaulting on its $51 billion foreign debt. Finance Minister Ali Sabry said last week that the country’s usable foreign reserves have plummeted below $50 million.
The report noted that the government is in talks with the International Monetary Fund for a bailout, and is set to continue discussions in a virtual summit with IMF officials this week aimed at securing emergency assistance.
Source: arabnews
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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