Sri Lanka is undergoing its worst economic crisis since Independence: Key Points

Sri Lanka is now facing the worst economic crisis since gaining independence in 1948. The economic crisis has been triggered by a low foreign exchange reserve. Lack of dollar reserves and depreciation forced economic crisis led to severe shortages of fuel, LP gas, electricity and essential food in the island nation of 22 million.

The economic crisis has sparked protests against the government across the nation, some of them turning violent. The ruling coalition has lost the majority support in Parliament after at least 41 lawmakers walked out of the ruling coalition.

Key Points of Sri Lanka’s crisis

• Sri Lankan President says won't resign

  President Gotabaya Rajapaksa has said that he will not resign, but is ready to hand over the government to whichever party holds 113 seats in Parliament.

• Medical authorities declare health emergency

  Medical authorities in Sri Lanka have declared a health emergency in the country. Sri Lankan doctors said they will hold a street protest as hospitals run out of essential drugs.

• Cricket legends joined the protests against the government

  Cricket legends Arjuna Ranatunga, Sanath Jayasurya and Kumara Sangakkara, have joined the protests against the government. Arjuna Ranatunga has targeted the current Sri Lankan government and said: "The President should resign as he has failed. A caretaker government needs to be appointed. This is not political. It's about the common man now. I hope this does not lead to a bloodbath in the country,"

• Seeks Help from India

  Cash-strapped Sri Lanka, with a debt burden of USD 6.9 billion this year, had sought another credit line of USD 1.5 billion from India to meet its import requirements.