With his increasing income over time, and his purchasing power, he has made a significant contribution to Sri Lanka which was once considered the economic bright spot in South Asia. But after years of financial security, many families are now experiencing a decline in their standard of living, he said. Anger at the country’s collapsing economy has prompted many members of this middle class to join recent mass protests, the Wall Street Journal further reported.
By doing so, they contributed to the overthrow and recent defection of former president Gotabaya Rajapaksa abroad. For his successor, Ranil Wickremesinghe, the middle class represented an important electoral base, the paper continued. He now had to calm them down. Wickremesinghe expects financial assistance from the International Monetary Fund (IMF) and wants to ensure political stability in the country.
Meanwhile, the Supreme Court extended travel bans on former Prime Minister Mahinda Rajapaksa and former Finance Minister Basil Rajapaksa until August 4. The two are brothers of former president Gotabaya Rajapaksa, who fled to Singapore. Civil rights activists have accused them of being responsible for the devastating economic crisis. The new president Wickremesinghe is seen as a close ally of Rajapaksa.
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