Months of credit risk and its social volatility is all set to culminate in the 2023 elections in Sri Lanka. People across the country by now must prepare for the impact of the imminent elections, which come tethered to the economic disaster that has been following for years. The lenders are facing a crisis, that is, they are negotiating with IMF and its poor institutions in order to release them. Since the IMF’s recent announcement, the immediate depreciation of the currency has been the catalyst to the SMEs, and they have had to absorb part of the depreciation as their capacity for raising prices is not so elastic considering that their users might opt for their formal competitors.
An imbalance between rich and poor is the oldest and most fatal ailment of all republics.
Plutarch
Rising Cost of Living
Top authorities have been expressing relief with the sentiment that the country is moving towards a positive trajectory. The national indices have just given 3 red signals with regard to the present fiscal designs which have not enjoyed a perceptible positive impact among the masses. Inflation has emerged as one of the critical issues that have impacted the cost of the living of many people. The common people said that they are having a hard time because prices in the market have been doubled so that they are unable to afford to buy even daily necessities. Farming has been the most affected, the prices of agricultural products have fallen, and other sectors are also affected.
Protests for Better Wages
When voters are being cajoled by easy programs which have taken us nowhere in terms of economic reform, and when rates of unemployment have soared. The citizens are tired of paying more taxes, which all end up in the pockets of a few individuals claiming that they are this way trying to better the society yet it does not seem to work out that way still. This would be contrary to the law that says that making of laws. The people have refused to pay more for this reason.
Amid the economic unrest, there are calls from various industries for better salaries, so that the workers can meet the high costs of living. The colleges’ employees have come forward in addition, asking for their salaries to be raised. These rallies bring out the general dissatisfaction of the Government regarding the way the economy is managed and this tone is borrowed by public workers as well.
The Way Forward
Sri Lanka needs a combination of reforms to successfully overcome the present turbulent scenario. Social policies need to be directly related to social policies that protect the most vulnerable. This is understood as a demand to respect and answer for the public’s part, winning back their confidence. Furthermore, a method for managing peaceful dialogue with the protest groups and the addressing of valid complaints can be one of the means to achieve social harmony.