Sri Lanka: PM Wickremesinghe takes additional charge, sworn in as new Finance Minister

As Sri Lanka continues to combat socio-political conflicts in the country amidst a crumbling economy, incumbent Prime Minister Ranil Wickremesinghe took over additional responsibility as he was sworn in as the country's new Minister of Finance, Economic Stability & National Policies. According to a report by News First, Wickremesinghe took oath in the presence of President Gotabaya Rajapaksa on Wednesday. Earlier this month, the United National Party (UNP) leader was appointed as the country's new premier following the resignation of his predecessor Mahinda Rajapaksa.  

The Finance Minister's post was yet to be filled despite a new cabinet being appointed by the President. Wickremesinghe's appointment as Finance Minister comes at a time when the island nation is negotiating debt restructuring and securing necessary funds with the world financial bodies like the International Monetary Fund (IMF) and the World Bank, in an attempt to alleviate the consequences of the economic crisis. Meanwhile, the Sri Lankan Cabinet has also granted seeking a $500 million (over Rs 3,800 crore) loan from the Exim Bank of India for the purchase of petroleum supplies. 

Sri Lanka likely to require USD 530 million for fuel imports from June: Reports

As the island nation grapples with a serious foreign exchange crisis, the Sri Lankan administration has been mulling several possibilities to facilitate efforts to prevent fuel pumps from running dry. "In the present economic conditions prevailing approval was granted for the proposal by the power and energy minister to seek a 500 million dollar loan from the Indian Exim Bank for the purchase of petroleum products," a Cabinet note stated, as per PTI. According to reports, Sri Lanka is expected to require $530 million for fuel imports from June.

Sri Lankan economic crisis

It is pertinent to mention here that PM Ranil Wickremesinghe has promised to take the country out of the ongoing economic turmoil. Civilians have been protesting in several parts of the country demanding fuel. Meanwhile, the Prime Minister has claimed that the island nation has secured enough diesel and petrol supplies to last until mid-June. Notably, Sri Lanka is currently confronting a foreign exchange deficit, which has resulted in food, fuel, power, and gas shortages, and has sought economic assistance from friendly countries.

Image: AP