People wait to buy petrol at a fuel station in Colombo, Sri Lanka, in May 2022. EPA
People wait to buy petrol at a fuel station in Colombo, Sri Lanka, in May 2022. EPA
People wait to buy petrol at a fuel station in Colombo, Sri Lanka, in May 2022. EPA
People wait to buy petrol at a fuel station in Colombo, Sri Lanka, in May 2022. EPA

Opinion

Editorial

Is Sri Lanka the first domino in a new global crisis?

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Insight and opinion from The National’s editorial leadership

July 12, 2022

Yesterday, the office of Sri Lanka’s Prime Minister announced that Gotabaya Rajapaksa, the country’s President, is expected to step down tomorrow.

Mr Rajapaksa’s impending resignation, in response to nationwide protests over Sri Lanka’s biggest economic crisis in more than seven decades, may finally bring the country some respite. Whether it also marks the end of the beginning of a journey to economic recovery will depend on what happens next.

The rest of the world would be wise to pay heed to Sri Lanka’s crisis. Colombo’s plight – drowning in unsustainable levels of foreign debt amid a tough global market – is not unique in the post-Covid-19 developing world.

But Sri Lanka's case is particularly alarming. The country doesn’t have enough foreign currency to import fuel. Soaring inflation and the shortage of basic goods mean that very few of its 22 million citizens can afford to buy food, medicines and cooking gas. Those who can, find themselves trapped in long queues. Power cuts are common, and the healthcare system is on the brink of collapse.

The crisis is the outcome of a number of factors, not least the two decades of unsustainable borrowing on the part of the state to fund large projects that left the government strapped during the pandemic, when it needed cash the most. The tourism industry, which accounts for 12 per cent of GDP, was severely damaged by Covid-19. Other causes include populist policies that the Rajapaksa government implemented over the past two years, including cutting taxes and banning chemical fertilisers as part of its pivot to organic farming.

A demonstrator presents Sri Lanka's new 'Wildlife Minister' at President Gotabaya Rajapaksa's Cabinet meeting room in Colombo. Huge crowds had poured into the city to protest in previous days amid months of unrest sparked by the country's economic collapse. Reuters
A demonstrator presents Sri Lanka's new 'Wildlife Minister' at President Gotabaya Rajapaksa's Cabinet meeting room in Colombo. Huge crowds had poured into the city to protest in previous days amid months of unrest sparked by the country's economic collapse. Reuters
Demonstrators take a break inside Prime Minister Ranil Wickremesinghe's residence in Colombo. Reuters
Demonstrators take a break inside Prime Minister Ranil Wickremesinghe's residence in Colombo. Reuters
Children play the piano inside the president's house in Colombo. Reuters
Children play the piano inside the president's house in Colombo. Reuters
A demonstrator poses for photographs where President Gotabaya Rajapaksa used to hold events. Reuters
A demonstrator poses for photographs where President Gotabaya Rajapaksa used to hold events. Reuters
People wait to visit the presidential residence in Colombo after President Gotabaya Rajapaksa fled amid the country's economic turmoil. Reuters
People wait to visit the presidential residence in Colombo after President Gotabaya Rajapaksa fled amid the country's economic turmoil. Reuters
Part of the private residence of Prime Minister Ranil Wickremesinghe was burnt by demonstrators. Reuters
Part of the private residence of Prime Minister Ranil Wickremesinghe was burnt by demonstrators. Reuters
Demonstrators vandalised part of Prime Minister Ranil Wickremesinghe's house in Colombo. Reuters
Demonstrators vandalised part of Prime Minister Ranil Wickremesinghe's house in Colombo. Reuters
Crowds flock to take a look inside the presidential palace in Colombo. EPA
Crowds flock to take a look inside the presidential palace in Colombo. EPA
Part of Prime Minister Ranil Wickremesinghe's private residence was burnt by demonstrators. Reuters
Part of Prime Minister Ranil Wickremesinghe's private residence was burnt by demonstrators. Reuters
People take a dip in a swimming pool at the presidential palace in Colombo. EPA
People take a dip in a swimming pool at the presidential palace in Colombo. EPA
Protesters pretend to hold a Cabinet meeting in the meeting hall of the president's official residence. AP
Protesters pretend to hold a Cabinet meeting in the meeting hall of the president's official residence. AP
Firefighters try to douse a fire at the residence of Sri Lanka's prime minister during protests in Colombo. AFP
Firefighters try to douse a fire at the residence of Sri Lanka's prime minister during protests in Colombo. AFP
People watch the blaze. AFP
People watch the blaze. AFP
An unidentified man poses for pictures while seated on President Gotabaya Rajapaksa’s chair at the presidential palace in Colombo, a day after it was overrun by anti-government protestors. AFP
An unidentified man poses for pictures while seated on President Gotabaya Rajapaksa’s chair at the presidential palace in Colombo, a day after it was overrun by anti-government protestors. AFP
Protesters rest on sofas in the prime minister's residence. AP
Protesters rest on sofas in the prime minister's residence. AP
Soldiers and police gather outside the burnt private residence of Prime Minister Ranil Wickremesinghe in Colombo. AP
Soldiers and police gather outside the burnt private residence of Prime Minister Ranil Wickremesinghe in Colombo. AP
A security officer inspects a police vehicle, a day after it was vandalised by protesters in front of the residence of Sri Lanka's prime minister. AFP
A security officer inspects a police vehicle, a day after it was vandalised by protesters in front of the residence of Sri Lanka's prime minister. AFP
Protesters stand on a vandalised police water cannon at the entrance to the president's official residence. AP
Protesters stand on a vandalised police water cannon at the entrance to the president's official residence. AP
Protesters sing and dance after storming the Sri Lankan president's official residence. AP
Protesters sing and dance after storming the Sri Lankan president's official residence. AP
Protesters crowd inside the president's official residence. EPA
Protesters crowd inside the president's official residence. EPA
Protesters cheer inside the president's official residence. EPA
Protesters cheer inside the president's official residence. EPA
A man picks up a tear-gas canister to throw it away as police try to disperse protesters in Colombo. AP
A man picks up a tear-gas canister to throw it away as police try to disperse protesters in Colombo. AP
An injured protester during an anti-government demonstration in Colombo. EPA
An injured protester during an anti-government demonstration in Colombo. EPA
The security forces fire tear gas and use water cannon to disperse an anti-government protest. EPA
The security forces fire tear gas and use water cannon to disperse an anti-government protest. EPA
A protester walks in front of police during an anti-government protest, calling for the resignation of the president over his alleged failure to address Sri Lanka's economic crisis. EPA
A protester walks in front of police during an anti-government protest, calling for the resignation of the president over his alleged failure to address Sri Lanka's economic crisis. EPA
Protesters gather inside the compound of Sri Lanka's Presidential Palace in Colombo. AFP
Protesters gather inside the compound of Sri Lanka's Presidential Palace in Colombo. AFP
Protesters are demanding that President Gotabaya Rajapaksa resigns. AP Photo
Protesters are demanding that President Gotabaya Rajapaksa resigns. AP Photo
Hundreds of people attended the rally. EPA
Hundreds of people attended the rally. EPA
Security forces fire tear gas to disperse an anti government protest rally. EPA
Security forces fire tear gas to disperse an anti government protest rally. EPA
Protesters throw back tear gas canisters fired by security forces. EPA
Protesters throw back tear gas canisters fired by security forces. EPA
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Mr Rajapaksa’s economic team has approved several measures to mitigate the crisis, including a new corporate tax and declaring Fridays as holidays for non-essential public sector employees. The government has also reached out its neighbours in South Asia. Beyond receiving $4 billion worth of foreign assistance from India, it has requested from New Delhi a $500 million credit line to import fuel, fertilisers and rice. Colombo is also in talks with the International Monetary Fund for a bailout.

These are short-term remedies, however, and it has become painfully clear that the public considers the Rajapaksa government to be part of the problem and not the solution. The President’s eventual resignation, and the formation of a unity government, will be an essential first step towards assuaging angry protesters and restoring the rule of law. Early elections will also be key so that a government with a strong mandate is ushered in as quickly as possible.

Sri Lanka’s solution to its debt problem will, and should be, specific to its particular needs. Its crisis has already galvanised ordinary Sri Lankans and rallied together people of all ethnic, religious and cultural groups, creating a rare moment for a country whose history was blighted by decades-long ethnic strife that led to civil war and the eventual rise of majoritarian rule. Economic rejuvenation would be impossible without stitching together Sri Lanka’s complex social fabric that has been damaged for far too long.

But this week’s events in Colombo may be simply the first of a series of debt-fuelled reckonings to come in emerging economies, if the international community is not cognisant of the scale of the problem. In March, the IMF warned that 23 African countries are now either in debt distress or at a high risk of it. In some of these countries, as well as others, facing a similar problem, debt-funded spending was done too unwisely or inefficiently – failing to bring about the economic growth or tax revenues required to pay it back. The pandemic made things difficult, but the root of the problem is the same as it has always been for a number of countries: a lack of accountability for state finances and irresponsible lending practices from the international community.

In Sri Lanka, protesters’ demands for the government to reform are finally being taken seriously. For others, the time to shape up is now.

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Result

Crystal Palace 0 Manchester City 2

Man City: Jesus (39), David Silva (41)

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
On Women's Day
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Tomorrow 2021
Details

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  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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  • Natural and grey hair takes colour differently than chemically treated hair
  • Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
  • When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
  • Most modern hair colours are technique-based, in that they require a confident hand and taught skills
  • If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

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50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura

Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

United States Championship Jeff Hardy (champion) v Jinder Mahal

SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos

Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt

Casket match The Undertaker v Chris Jericho

Singles match John Cena v Triple H

Cruiserweight Championship Cedric Alexander v tba

 

SPECS
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THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Step by step

2070km to run

38 days

273,600 calories consumed

28kg of fruit

40kg of vegetables

45 pairs of running shoes

1 yoga matt

1 oxygen chamber

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

The lowdown

Rating: 4/5

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

Five%20calorie-packed%20Ramadan%20drinks
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