Sri Lanka crisis: 10 points to understand seriousness of the situation

Amid worsening economic crisis, Sri Lankan President Gotabaya Rajapaksa has revoked a state of emergency. A few days back, the government had lost the majority in Parliament when 41 MPs walked out of the ruling coalition. The island nation is seeing fierce protests over the government's economic mismanagement as demand for the resignation of the President and the Prime Minister increases.

President Gotabaya Rajapaksa has revoked the state of emergency after dozens of MPs walked out of the ruling coalition. On Monday, the opposition had rejected President Rajapaksa's invitation to join a unity government after all cabinet ministers resigned following widespread protests.

Sri Lanka's newly appointed finance minister, Ali Sabry, resigned, a day after being sworn in. Sabry was among four new ministers sworn in, hours before the entire cabinet resigned in the face of mounting public anger. Many ruling party lawmakers called for the appointment of an interim government, warning that a failure to do so would lead to violence and anarchy.

Read | Sri Lanka crisis deepens as 26 ministers resign late night

10 points to understand the present situation

President Gotabaya Rajapaksa said he won't resign from his post but is ready to hand over government to whoever proves 113 seat majority. 

An emergency health situation has been declared in the country from Tuesday because of the severe drug shortage in the country. 

The International Monetary Fund (IMF) said it is monitoring political and economic developments in Sri Lanka very closely amid much-needed financial bailout.

Eleven parties within the ruling coalition said in parliament Tuesday that they would function as independent lawmakers. 

More than 60 people had been arrested in connection with unrest since Friday and many have said they were tortured in police custody.

Amid mounting protests and vandalisation of properties of politicians, Sri Lanka's military on Tuesday warned the protesters of severe action if they resort to violence.

Food vendors accused the Rajapaksa government of selling everything to China. They said the country had bought everything from other countries on credit.

Sri Lanka has temporarily closed its embassies in Norway, Iraq and Australia.

Global asset managers including Fidelity Investments and T. Rowe Price Group are staring down the risk of default. 

Opposition groups had previously rejected overtures from the President to join an interim government after the entire cabinet resigned following street protests.