News Desk: Sri Lanka has lifted the state of emergency imposed to quell protests amid extreme financial crisis. The decision of the President of the country was withdrawn after 14 days. The Colombo Gazette, a local media outlet, says President Gotabaya Rajapaksa declared a state of emergency on May 8 after protests began across the country. The country's law enforcement forces were then given special powers, which were withdrawn on the night of May 20. The island nation's economy has been hit by the Kovid epidemic. Tourism has been damaged in the 2019 church bombing. But experts have also blamed economic mismanagement. Foreign exchange reserve deficit. Import of essential goods has stopped. Inflation has led to severe shortages of medicines, fuel and other essential commodities. The country's governor has warned that inflation in Sri Lanka rose to 29.6 percent in April. Food prices have risen by 48.6 percent. Higher inflation rates could rise further. At present, inflation is around 30 percent. It will increase further. Inflation is expected to reach 40 percent in the next few months. The South Asian island nation has already defaulted for the first time. Sri Lanka has অপর 8 million in unpaid debt. Its interest payment deadline expired on Wednesday. The government has failed to repay the loan even after an additional 30 days. The country's central bank governor sees this as a 'pre-emptive default'. The country has been rocked by protests. Protesters marched on May 9 near the Prime Minister's residence, Temple Tris. Protests led by the ruling party SLPP were later attacked. Nine people were killed in the clashes between the two sides. Another 256 people were injured. Rajapaksa and his family members have been in the administration of the country since 2019. The South Asian island nation of Sri Lanka is facing the worst economic crisis in decades. Anti-government protests are going on across the country against various irregularities including rising prices of commodities.