The collapse dominos have begun to fall.
Peru Announces Tax Cuts on Food and Fuel as Protests Intensify
Peru Finance Minister Oscar Graham announced fuel and food tax cuts as protests led by farmers and truckers have intensified across the South American country.
Annual inflation in Peru reached its fastest pace in 24 years in March, and the strike led by farmers and truckers has added to costs. President Pedro Castillo agitated the protesters when he said some leaders had been paid to organize demonstrations. The ongoing unrest led Castillo to apologize in televised remarks Saturday.
Castillo earlier this week survived an attempt to impeach him, but the rising prices and protests are presenting a new crisis. A leader in the farming sector, a group that backed him and helped him win the presidency, called Castillo’s actions amid the protests a betrayal.
No gas, no medicine, no food: Life in crisis-hit Sri Lanka
As the economic crisis in Sri Lanka spirals out of control, 69-year-old Thomos from Colombo told India Today that petrol is unavailable, medicines are difficult to find and essential food items are being sold at extremely high prices in the country.
"At the moment, we don't have any gas, petrol or kerosene oil. There are no medicines. I am 69 but this is the first time in my life that I have seen something like this happening," Thomos said.
With huge debt obligations and dwindling foreign reserves, Sri Lanka has found itself unable to pay for imports, leading to shortages of several goods including fuel.
The Covid-19 pandemic dealt a heavy blow to Sri Lanka's economy, with the government estimating a loss of $14 billion in the last two years.
On Friday, angry protesters demonstrated near President Gotabaya Rajapaksa's home and demanded he resign. The protests turned violent - two army buses were stoned and one was set on fire. The police fired tear gas and a water cannon and arrested 54 people.
