Five Big Points On Sri Lanka Economic Crisis, Protests

Sri Lanka is witnessing its worst downturn since independence, sparked by an acute lack of foreign currency to pay for even the most essential imports. The island nation has been unable to pay for fuel shipments because of a foreign exchange shortage, and is poised to seek assistance from the International Monetary Fund.

Here are five big points on the Sri Lanka Economic Crisis:

Protests outside president's home

More than 2000 people held a protest march in the Lankan capital and clashed with the police outside the home of Sri Lankan President Gotabaya Rajapaksa. Police fired tear gas and water cannon at protesters trying to storm the residence of the President. Protesters are demanding the resignation of President Rajapaksa.

"Lunatic go home"
Videos shared on social media showed men and women shouting "lunatic, lunatic go home" and demanding that all members of the powerful Rajapaksa family step down.

The president's elder brother Mahinda serves as prime minister while the youngest -- Basil -- holds the finance portfolio. The eldest brother Chamal is Agriculture Minister while nephew Namal holds the cabinet post for sports.

Out of Diesel
Diesel was no longer on sale across Sri Lanka on Thursday, crippling transport as the crisis-hit country's 22 million people endure record-long power blackouts. Petrol was on sale but in short supply, forcing motorists to abandon their cars in long queues.

Fuel shortage hits buses
Diesel shortages had sparked outrage across Sri Lanka in recent days, but the protests had so far been in towns and not aimed at any top leader, before Thursday's events.

"We are siphoning off fuel from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles," Transport Minister Dilum Amunugama said.

Owners of private buses - which account for two-thirds of the country's fleet - said they were already out of oil and that even skeleton services might not be possible after Friday.

Electricity shortage
Sri Lanka is turning off street lights to save electricity, a minister said on Thursday. The state electricity monopoly also enforced a 13-hour power cut as they did not have diesel for generators.