Sri Lanka’s central bank governor issued a stark warning on May 11, 2022, that the nation’s economy would collapse without an urgent transition to a new administration, as security forces maintained a strong presence in Colombo after days of violent unrest. The crisis, driven by severe economic hardship and public anger toward President Gotabaya Rajapaksa, escalated over the weekend with clashes between pro- and anti-government groups that resulted in nine fatalities and over 200 injuries.
Central Bank Governor Nandalal Weerasinghe told reporters that political instability threatened critical reforms needed to address the country’s $51 billion debt crisis and severe foreign exchange shortages. "The economy will completely collapse and no one will be able to save it," he stated, citing the failure of recent efforts to stabilize the situation. Weerasinghe, who took office in April, had previously declared a default on Sri Lanka’s external debt, citing a complete lack of funds.
Armed forces were deployed across Colombo, with soldiers manning checkpoints and armored vehicles patrolling the streets. A nationwide curfew remained in effect, though violence had largely subsided after security forces were authorized to shoot looters on sight. Despite the crackdown, protests continued near the president’s residence, where activists demanded Rajapaksa’s resignation. "We want the whole Rajapaksa clan out because they are so, so corrupt," said activist Kaushalya Fernando, comparing the family to a "caterpillar eating into some fruit."
President Rajapaksa pledged to curtail his powers to form a unity government but faced resistance from the main opposition, which refused to collaborate with him. Military officials denied rumors of a coup, with defense ministry secretary Kamal Gunaratne stating, "The military has no such intentions." International observers, including the U.S. and India, expressed concern over the use of force against protesters, while the IMF prepared to begin discussions on a potential bailout once a new government was formed.
The economic crisis, the worst since independence in 1948, left Sri Lankans facing shortages of fuel, medicine, and basic goods. Protests turned violent on May 9 when government supporters attacked demonstrators, sparking retaliatory attacks that saw homes of ruling-party figures torched. Prime Minister Mahinda Rajapaksa was evacuated from his residence by military forces amid the unrest.
