Sri Lankan President Gotabaya Rajapaksa has revoked a state of emergency, just days after enforcing it to quell protests over the country’s political and economic turmoil.
The move comes as the U.N. Office of the High Commissioner for Human Rights (OHCHR) urged Sri Lankan authorities to defuse tensions peacefully, citing reports of “excessive and unwarranted police violence against protesters.”
Chief Government Whip Johnston Fernando said on April 6 that Rajapaksa “will not resign from his position under any circumstances,” given that the president was elected on a mandate given by 6.9 million people.
The country’s stock exchange fell 5.9 percent following the mass resignation, prompting authorities to halt trading on April 4, AFP reported.
But Human Rights Watch said that “any future IMF program in Sri Lanka should protect the human rights of low-income people, and address corruption and entrenched obstacles to the rule of law.”
Sarah Saadoun, a senior researcher at Human Rights Watch, said the protests send “a clear message” about people’s economic situation in Sri Lanka.
Sri Lanka is experiencing its worst economic crisis in decades, with its foreign exchange reserves plummeting by 70 percent in the past two years to about $2.31 billion, leaving it unable to pay for essential imports. The country must also settle a $4 billion debt this year, including a $1 billion bond that matures in July.