Sri Lankan Supreme Court Holds Rajapaksa Brothers Responsible for Financial Crisis
Image Source: Economic Times
The Sri Lankan Supreme Court’s recent ruling has held former president Gotabaya Rajapaksa and his brother Mahinda, among 13 former leaders, responsible for Sri Lanka’s most severe financial crisis. The court’s decision, a 4-1 split, indicates that the leaders’ “actions, omissions, and conduct” contributed to the economic turmoil in the country.
Transparency International Sri Lanka and other activists filed the case against Gotabaya Rajapaksa, accusing him and other leaders of violating the fundamental rights of Sri Lankans through mismanagement of the economy. The court’s majority agreed that the respondents had full knowledge of the potential calamity and failed to act in the public interest to prevent it.
The economic crisis in Sri Lanka was marked by soaring inflation, depleted foreign reserves, and shortages of fuel, food, and medicine. These issues led to widespread protests and ultimately the fall of Gotabaya Rajapaksa. The former president fled the country as public anger intensified, with people storming his official residence demanding accountability for the economic downturn.
Gotabaya Rajapaksa returned to Sri Lanka in September 2022 after a new government led by Ranil Wickremesinghe was formed, supported by the Sri Lanka Podujana Peramuna (SLPP), led by Rajapaksa’s brother Mahinda. The new government initiated negotiations with the International Monetary Fund (IMF) for a bailout to address the economic challenges.
During the crisis, Sri Lankans faced high levels of inflation, 13-hour power cuts, long queues for petrol, and some had to reduce the number of meals due to economic hardships. The situation prompted significant public dissatisfaction and protests against the government’s handling of the economic challenges.
While the Supreme Court ruling did not impose penalties on the Rajapaksa brothers and others, it instructed them to pay the legal fees of the petitioners. Importantly, this decision may set a precedent for additional lawsuits against the leaders involved in the economic crisis.
Sri Lanka’s ongoing struggles include a $46.9 billion foreign debt, with China holding 52% of it as the largest lender. The country secured a $3 billion bailout from the IMF, which has set specific targets for the government to meet under the bailout agreement. The impact of the crisis continues to affect the nation, emphasizing the critical need for effective economic governance and international support to stabilize the Sri Lankan economy.
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- Harshit Tokas is a Political Science and International Affairs Post-Graduate with a passion for understanding and analyzing complex political landscapes. Skilled in research, data analysis, and policy development. Eager to contribute his knowledge and insights to drive positive change.
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