How one powerful family derailed Sri Lanka’s economy

In July 2022, Sri Lankan citizens stormed and occupied the republic’s presidential palace after months of demonstrations. The protesters had one main demand: for the country’s then-president Gotabaya Rajapaksa to resign.
The protests came off the back of a crippling economic crisis, the worst the country had seen since it claimed independence in 1948. As a result, the country’s population struggled to get their hands on essential goods like fuel, food and medicine.
While some factors were out of the government’s control, political and economic analysts told CNBC that ultimately, some of the major policy missteps put in place by the Rajapaksa political dynasty caused Sri Lanka’s economic demise.
So, what do we know about the Rajapaksa family, and what were the policy decisions that led to Sri Lanka’s financial mess? Watch the video above for the explainer.
#CNBC #SriLanka #Rajapaksa
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[@User17612]

This is the best explanation of all the news about sri lanka...

[@CNBCi]

We appreciate that. We worked hard on this one.

[@ranatuj1]

Yes

[@goutam5052]

Fun fact, they still hold majority in parliament!

[@tauceti8060]

The opposition has the majority but fragmented into several political parties.

[@paulandreigillesania5359]

if you elect a whole family in public office, you're in a kingdom rather than a republic now.

[@madebysrilankan]

As a Srilankan , we are back to normal , no issue these days around srilanka , yes we can .

[@yongbinsong9676]

Is Sri Lanka a country? One family in one country. A larger extended family of the tribe.

[@andreadgz]

Fantastic explainer video!

[@CNBCi]

Glad you liked it!

[@sebastianmemphis283]

Politics is a double edged sword. Nowdays politics has so much power and influence.

[@phoenixforce009]

Result of promoting nepotism in politics.

[@laleendrasamarajeewa1149]

Good explanation. As a Srilankan I know how difficult to live in sl and how ppl suffers. This started from decades back with all ruling families. Rajapakshas, Bandaranayakes, Senarathners.. ets who rules SL decades.

[@nathasyapramudita6312]

"How one powerfull family derailed Sri Lanka economy". Indonesia before 1998 : hmmm dejavu 🙄

[@winhtut9050]

Rajapaksas in Bangkok is coming home soon to be reinstated. Then what?

[@ratbe9435]

Though I agree that the Rajapaskas were corrupt, a large part of the problem is reliance on the US dollar for trade between India and Sri Lanka.

[@sylvesterstallonegalaxy]

If the trade is in rupees to rupees than sri lanka will just go on printing money without any value backing to it. One of the main cause for its financial downfall is printing money, depleted foreign reserves, taking debt burden without understanding its consequences, huge and uncontrolled corruption, nepotism and many more deliberate actions thats drowned sri lanka. Add to it now backstabbing india a friend and brother who extended the unquestionably assistance.

[@ratbe9435]

@@sylvesterstallonegalaxy India is capable of providing Sri Lanka with cheap aid in terms of medicines and food. Why should it have to use the USD for said aid?

[@sylvesterstallonegalaxy]

@@ratbe9435 Aid is not cheap its given free with no purchase or any return arrangement, only return needed is trust and faith that the friendship will not be backstabbed.

[@manas5000]

@@ratbe9435 Why India will give cheap aid when Sri Lankan Govt is much closer to China. India and China is not in best term.

[@user-oi3yb7mm7h]

Do not test your control over the five sensual desires -Wealth, Sex, Fame, Food and Sleep.

[@kareemkalisari]

_🌿🌎🌴 Each of us has a role to play in protecting our planet 🌏🌍_

[@kareemkalisari]

🇱🇰 *SRI LANKA* 🤔 “ _You have to carefully choose the OPPORTUNITY and make sure that HISTORY would be on YOUR side_ ." ─ *NELSON MANDELA* ✍️،

[@zanychelly]

Get a loan from China…

[@nepalimana]

Power without spirituality will make person corrupt. Corruption will derail to bottom. (Spirituality is not belief in religion but belief on equality and justice )

[@briansiev15]

As a rich country and self-portraited saint, why Canada does not want to provide interest free loan to these countries in need without political attachment?

[@alfredhitchcock45]

Wtf would u blame Canada for ur own woes?!

[@hanssolos3699]

ironic. rajapaksa means the forced king.

[@warnpassion]

In which language?

[@GevEdgar]

🎆

[@honestopinion3635]

Recycling old news this is pretty old news

[@CNBCi]

It's an explainer. We look into the factors over time that contributed to a moment in history. Hope that's helpful!

[@honestopinion3635]

@@CNBCi too many around on the srilankan crisis, a bit too late on this issue and not the best explainer in my view thanks for clarifying anyway

[@cashmoney8547]

@@honestopinion3635 if you think you know it all then search for and watch a documentary on KZbin called “ No fire zone - Sri Lanka’s Killing Fields “ from Britain’s Jon Snow of Real Stories .

[@honestopinion3635]

@@cashmoney8547 why do you intermingle the Tamil or rather the minority ethnic issue of yesteryear even the Tamils have moved on (though elements of the diaspora still dream of a separate state) - remember the war ended in 2009 and yes there have been isolated instances of ethnic related violence … however the present crises could not be compared to pre 2009 conditions … and yes I believe I do know much more than you may know and are aware of … what made you presume I think I “know it all” anyway lol

[@coomarasslku]

Ridiculous right!

[@saulgoodman2018]

In Sri Lanka it's a "protest". But in the US, storming the capital was an insurrection? Can CNBC be anymore left?

[@lenovo7999]

CNBC is a business network. Sri Lanka is not in the US. Your brain is struggling to apply weird American internet politics to situations you know nothing of. But yeah defend the police is bad. Except when it’s the fbi or DOJ or I don’t know

[@antoeckhart]

stupid comparison. The reasons are completely different!

[@shirley444]

@@antoeckhart Sri Lankan citizens took the palace because they was tired of the corruption. January 6th was because they want trump back in office. It’s not the same

[@shirley444]

@@antoeckhart I’m agreeing with you

[@michaelmcfeely6588]

No bailouts for banks and other creditors.

[@jdmkulathilaka9429]

So it was the Rajapaksas So the feudal families have handed over their power to the Rajapaksas

[@harisadu8998]

You know all those pesticides that all you folks hate? Turns out that Sri Lanka needed them.

[@paultaithelegendnguyen8891]

What a criminal family to put their country down to the hill.

[@shubhanshujain752]

That powerful family was selected by Sri Lankan people who hated their minorities. It’s just Karma hitting them back.

[@harlanmcdiarmid]

So there, I am, in Sri Lanka, formerly Ceylon, at about 3 o'clock in the morning, looking for one thousand brown M&Ms to fill a brandy glass, or Ozzy wouldn't go on stage that night. So, Jeff Beck pops his head 'round the door, and mentions there's a little sweets shop on the edge of town. So - we go. And - it's closed. So there's me, and Keith Moon, and David Crosby, breaking into that little sweets shop, eh. Well, instead of a guard dog, they've got this bloody great big Bengal tiger. I managed to take out the tiger with a can of mace, but the shopkeeper and his son... that's a different story altogether. I had to beat them to death with their own shoes. Nasty business, really, but sure enough I got the M&Ms, and Ozzy went on stage and did a great show

[@jarjarbinks3193]

Too many Tooheys followed by a vegemite overdose, maite?!

[@harlanmcdiarmid]

@@jarjarbinks3193 of you dont know the quote your life sucks

[@evelina424]

14:41

[@editorjohn8803]

CNBC journalism has taken a new low. They don't say how high the interest rate is (which is far, far less than your Visa and Mastercard and AMEX), and they don't even point out how other countries don't even want to help, don't even want to touch Sri Lanka with a 10-foot pole. Journalism, from what I learned in school, is about pointing out facts and information and data for the viewer to make decisions and judgments. Without being a sheep, I know that China gave Sri Lanka the benefit of the doubt to work together, and American media is just the outsider feeling bitter. It's like classmates who decide to work on a project together, and the student that didn't participate gripes and complains and fills up with negativity. So sad how CNBC is going down the depression and victimization hole

[@Gurps117]

Who would want to help a country that commits war crimes?

[@CNBCi]

Thanks for your comment. We do discuss other countries and their lack of loans/foreign aid at 6:22 and 10:25.

[@surenhewage3062]

benefit of the doubt my foot😅.

[@ronberi7773]

Editor John, nice try. now try harder next time.

[@khairulorama]

Tutup lubang, gali lubang.

[@UniDocs_Mahapushpa_Cyavana]

With a democracy, they will just a elect a strong man to deal with the Tamil Tigers and this will happen all over again.

[@jagdpanther2224]

If not China helping Sri Lanka, all of you are dead for long time, don't be ungrateful !

[@warnpassion]

No country is no country’s friend in this capitalist world. So expecting help in the form of social service is too much of an expectation.

[@GREATLFG]

Loan from China has a high interest and is less forgiving. While US won’t even provide loan to Sri Lanka. Can CNBC be less fair journalism?

[@CNBCi]

Just reporting facts. We made it clear that Western governments weren't providing aid/loans, hence the need to go down other paths.

[@surenhewage3062]

As Sri Lankans we would have been better off without Chinese loan sharks.

[@GREATLFG]

@@surenhewage3062 So why take the loan from China at the first place? Why your beloved US couldn’t take China’s place and provide interest free debt to Sri Lanka.

[@GREATLFG]

@@CNBCi No no no. Don’t confuse your viewer from 3s cover about western invested leaving which also is not much better in terms and then blame 3 minutes on the loan from China. You did not emphases on the poor planning for repay from the government is the real issue, but emphasis on the terms of the loan from China. All China did wrong here is they didn’t pull out fast enough like Western investors and suffers great loss and take a big chunk of blame.

[@surenhewage3062]

@@GREATLFG this is nothing to do with Americans. It is just about our corrupt politicians and the Chinese hua funding white elephant projects

[@akashzz4347]

How come CNBC miss the key reason? 'The Freebies'. Poorly researched documentary

[@damianweerasinghe275]

This is a very old thing

[@hafillathief3613]

So many Sri Lanka collapse video

[@CNBCi]

Hopefully you learned something new from ours.

[@neverdie2001]

One famly has money.

[@powerrangerslostgalaxy3615]

Brother of india(prindafun)

[@pasangafavmsq8728]

Tamil genocide's karma.

[@M3ganwillslay]

True machi

[@rkg3902]

Srilanka took high interest loans from china and its economy destroyed

[@commando684]

Sri Lanka is the perfect example of what would happen if India will be ruled by Gandhi family 😶😶😶

[@sebastianmemphis283]

Plz tell me more about Gandhi family. I'm just curious.

[@adwaitsharma6915]

Yeah, the Gandhi family had 60 years of rule and they built the economy that India is today, additionally they were elected, stop being stupid.

[@veereshwarraomadasu5354]

@@sebastianmemphis283 Mahatma Gandhi adopted son married daughter(Indira) of Indias first prime minister (nehru),and that women(Indira) after Nehru death became prime minister and her son Rajiv Gandhi became next prime minister and now his son trying to be next prime minister. Edit:-indira after marrying Mahatma Gandhi adopted son "GANDHI" became her last name,and there family is still has this GANDHI as there last name,So they are called Gandhi family.

[@sarthakmaan7075]

@@sebastianmemphis283 not gandhi family Jawaharlal Nehru's daughter Indira married a guy by name of Feroz Gandhi not related to Mohandas Gandhi. 3 generation of nehru family have been prime ministers in India 4th one is trying to become prime minister too but no luck.

[@ashvika2805]

Like Gandhi's made INDIA a dark pit.

[@Gadavillers-Panoir]

Namal for next president 🇱🇰💪🏼

[@lijindurairaj2982]

srilanka would be the best place to live if vellupillai prabhakaran ruled it, he is a true leader who fought and died for the people

[@thasansithsara7565]

Lol 😂

[@charismafunds]

😂 will be even worse

[@charismafunds]

😂 will be even worse