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Sri Lanka prime minister retains finance minister portfolio

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COLOMBO — Sri Lanka's Prime Minister Ranil Wickremesinghe will hold dual charge as finance minister, the president's office announced on Wednesday (May 25), and will lead talks with the International Monetary Fund (IMF) for a bailout for the crisis-hit nation.

"Prime Minister Ranil Wickremesinghe was sworn in as finance, economic stabilisation and national policies minister before President Gotabaya Rajapaksa this morning," the statement from the president's office said.

The turmoil is a result of the Covid-19 pandemic, which ravaged the country's lucrative tourism industry and weakened foreign workers remittances, and ill-timed tax cuts enacted by Rajapaksa. President Rajapaksa and Mr Wickremesinghe have since tried to cobble together a new cabinet of ministers, drawing members from the ruling party and some opposition groups."The finance minister's appointment is extremely crucial because he needs to get the ball rolling on a new budget, talks with the IMF and spearhead fiscal support," said Mr Lakshini Fernando, macro-economist for Sri Lanka-based investment firm Asia Securities.

 

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Sri Lanka prime minister retains finance minister portfolioCOLOMBO: Sri Lanka\u0027s Prime Minister Ranil Wickremesinghe will hold dual charge as finance minister, the president\u0027s office announced on Wednesday (May 25), and will lead talks with the International Monetary Fund (IMF) for a bailout for the crisis-hit nation. \u0022Prime Minister Ranil Wickremesinghe was sworn
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