Sri Lanka’s crisis-hit appoints PM to helm the finance ministry

Sri Lanka’s Prime Minister, Ranil Wickremesinghe, was given the extra job of directing the finance ministry on Wednesday, as the island nation grappled with its worst-ever economic crisis.

Wickremesinghe was sworn in by President Gotabaya Rajapaksa’s office, two weeks after he was invited to form a unity government following his predecessor’s departure.

The selection on Wednesday puts an end to two weeks of squabbling among coalition partners over the critical job ahead of the insolvent South Asian country’s bailout discussions with the International Monetary Fund.

“The president’s party had wanted the finance portfolio, but the PM insisted he wanted it if he was to lead the country out of the economic chaos,“ a prominent lawmaker engaged in the talks told AFP.

Sri Lanka is experiencing a severe currency crisis, preventing its import-dependent economy from obtaining crucial supplies of food, gasoline, and medicine.

As a result, the country’s 22 million citizens have faced extreme hardships, including record inflation and frequent blackouts, and the government has defaulted on its $51 billion foreign debt.

For the latest International News Follow BOL News on Google News. Read more on Latest International News on oldsite.bolnews.com

Also Read

Crisis-hit Sri Lanka is fighting short-term inflation

Sri Lanka raised gasoline and transportation costs on Tuesday, a long-awaited measure...