Sri Lanka’s ruling
coalition, led by President Gotabaya Rajapaksa, lost majority in Parliament on Tuesday
after 41 legislators walked out of the alliance. Maithripala Sirisena, leader
of the Sri Lanka Freedom Party, among those to walk out of the alliance said, “Our
party is on the side of the people,” reported Reuters.

The Rajapaksa
government has now been reduced to a minority which is expected to make decision-making
more difficult amid the current economic crisis. The loss of majority happened
a day after President Rajapaksa called on all parties to come together to form
a government beyond party lines.

Sri Lanka has been
in a deepening economic crisis for weeks as forex reserves have run out and
fuel and food prices have shot up. Protests have broken out across the island
nation with anger targeted at the Rajapaksa regime. Here are 7 things you need
to know about the crisis in Sri Lanka:

1.   
Ali
Sabry, the former Sri Lankan justice minister who was recently appointed the
finance minister has resigned from his post. Sabry tweeted that he had taken
the decision to resign “after much reflection and deliberation.” In his
resignation letter, Sabry wrote that when he tendered his resignation as
justice minister on April 3, it was not his intention to take up any post
thereafter.

2.   
The
Rajapaksa coalition had come into power with 145 out of 225 seats in the last elections.
With 41 members of Parliament having withdrawn support, the government will
need to prove its strength.

3.   
Gotabaya
Rajapaksa’s call for a unity government beyond party lines was snubbed by
opposition leaders. Sajith Premadasa, leader of United People’s Force, tweeted:
“A new Sri Lanka will begin with stronger institutions and not just a change in
leadership. An interim government is nothing but internal party politics.”

4.   
Gotabaya
Rajapaksa on Monday fired his brother and finance minister Basil Rajapaksa from
the cabinet. All 26 cabinet members resigned. The opposition, however, has
termed the resignation “melodrama”.

5.   
Sri
Lanka, over the last few years, has grown increasingly dependent on China and has
snubbed the International Monetary Fund’s offers of aid. The IMF said it is
holding programme discussions with Sri Lankan authorities amid the current
crisis.

6.   
India
and China have both extended credit lines to Sri Lanka. Meanwhile, the island nation
is on the brink of suffering a shortage of essentials, including medicines.

7.   
Sri
Lanka’s central bank governor Nivaard Cabraal resigned on Monday. The island
nation is believed to be billions in debt and has sought help from China and
India to meet its financial liabilities.