Sri Lanka on Saturday announced a five-day share trading halt after the crisis-hit country hiked interest
rates and declared a default on its external debt during the traditional New Year holiday, as trade unions and top cricketstarsjoined protests demanding the president'sresignation.
The move came ahead of Colombo's planned talks with the International Monetary Fund in Washington on Monday to negotiate a bailout asthe country hasrun out of foreign exchange to finance even the most essential imports. The island nation is grappling
with its worst economic downturn since independence in 1948, with regular blackouts and acute shortages of food and fuel in addition to record inflation.
The crisis has caused widespread misery for Sri Lanka's 22 million people and led to weeks of antigovernment protests. Several trade unionsjoined demonstratorslaying siege to President Gotabaya Rajapaksa's seafront office for an eighth straight day Saturday demanding that he and his government quit, with thousands of health
sector trade workers marching to the Galle Face promenade to join the protest.
Colombo Stock Exchange officials said they were under pressure from brokers and investors not to reopen on Monday to prevent an anticipated collapse of the market.
The CSE said regulators had expressed concern over the "ability to conduct an orderly and fair
market" and it would remain closed until Friday due to the "presentsituation in the country".
The central bank almost doubled its benchmark interest rate to 14.5 percentfollowing the close onApril 8, the last trading day before the holiday.
Read More: Sri Lanka defaults on all external debt
And in the face of an unprecedented forex crisis the government on Tuesday declared it was suspending interest and capital payments on its huge foreign debt.
The CSE's All Share Index has shed over 38 percent in the past three months, while the Sri Lankan rupee has fallen by more than 35 percent against the US dollar in the past month.
Sri Lanka's World Cup-winning cricket captain Arjuna Ranatunga and fellow ex-skipper Sanath Jayasuriya became the first high
profile sports stars to join the demonstrators outside Rajapaksa's office.
Cricket is avidly followed in the Indian Ocean island nation and the pair called on other former players to support peaceful protests.
"Cricket is driven by spectators,"
Ranatunga said outside the colonial-era building in Colombo on Friday, surrounded by demonstrators, some of whom have been camping overnightsince last week.
"Our fans are on the streetstoday because they no longer can bear the hardships.We must be with ourfans when they need usmost. Sportsstars must physically join the protests."
Hours later, his fellow former captain Sanath Jayasuriya, known as "Master Blaster", climbed the
barricades in front of Rajapaksa's office and pledged solidarity. "Your message is loud and clear," he told the tens of thousands of protesters. "I hope the authorities will listen and ensure a brighter future for all of us." Crowds have been chanting
"Gota go home, go home Gota." Diplomatic sourcessaid ambassadors have made it clear to top politiciansthat any use of violence
against the peaceful protest could jeopardise the planned bailout talks with the IMF next week.
