Sri Lanka’s rupee took a sharp dive today following the finance ministry's official announcement that the government was defaulting on its foreign debts worth US$51 billion. 

Last week, the Financial Times reported that Sri Lanka had become officially the worst performing currency in the world, performing even worse that Russia’s rouble. 

Sri Lanka’s economic crisis deepened today, as the finance ministry and governor of the Central Bank announced the government would no longer be able to pay its international debt obligations, effectively defaulting on US$51 billion of foreign debt.

"It has come to a point that making debt payments are challenging and impossible,” the newly appointed Central Bank Governor P. Nandalal Weerasinghe told reporters this morning. “The best action that can be taken is to restructure debt and avoid a hard default."

Healthcare workers at Mankulam hospital held a protest yesterday over the severe impact on the medical sector due to the dire economic situation. 

Staff at the hospital staged the protest demanding the Sri Lankan government to not "play with people's lives" and address the worsening shortage of life-saving medicines. 

In a statement, the British Tamil Forum stressed to the International Monetary Fund (IMF) that Sri Lanka’s exorbitant defence spending is “unjustifiable” and worsens both the political and economic crisis the island faces.

Tamils in Batticaloa called on the Sri Lankan government to release political prisoners and protect human rights as protesters in the South continue to demand the resignation of President Gotabaya Rajapaksa. 

Today's protest, led by Bishop Yesudasan Adikalar, also called on the government to prevent further economic turmoil as the prices of essential goods continue to rise. 

A group of United Nations (UN) human rights experts condemned the Sri Lankan Government for cracking down on peaceful demonstrations, urging the state to “guarantee the fundamental rights of peaceful assembly and of expression during peaceful protests,” in a press release this week.

The letter comes as over the last week, Sri Lanka has seen a surge in protests amidst an economic crisis that has destabilized the island and left civilians without access to basic goods. Many have taken to the streets demanding the resignation of incumbent president Gotabaya Rajapaksa.

Sri Lanka’s embattled Prime Minister Mahinda Rajapaksa made repeated references to “dark” times during the island’s bloody history of conflict, as he called for an end to protests in a defiant televised address earlier today.

Rajapaksa, who previously ruled as Sri Lanka’s president gave his speech as protests continued across the South, including in the capital Colombo.

In a letter to President Gotabaya Rajapaksa, the Sri Lanka Medical Association (SLMA) has warned that the ongoing economic crisis could lead to a higher death toll than the COVID-19 pandemic if vital medicines are not secured soon.

The U.S government has announced that they will provide an additional USD $7million to assist demining projects and communities affected by landmines and unexploded ordnance.

Tamil Nadu prepares itself for the arrival of more Eelam Tamil refugees as the ongoing economic crisis in Sri Lanka pushes civilians into abject poverty.

Chief Minister of Tamil Nadu MK Stalin has issued directives urging several government departments to be prepared to see the arrival of more Eelam Tamils. According to a senior bureaucrat, the Chief Minister has directed state officials to take a “benevolent view of the refugees”. Stalin has also previously met with Prime Minister Modi and expressed a desire to provide aid to Tamils.