Oxus Com

Main Menu

  • Home
  • Net present value
  • Trustee
  • International monetary system
  • Principal-Agent Theory
  • Banking

Oxus Com

Header Banner

Oxus Com

  • Home
  • Net present value
  • Trustee
  • International monetary system
  • Principal-Agent Theory
  • Banking
International monetary system
Home›International monetary system›Wickremesinghe chose the Sri Lankan Prime Minister to ease the crisis

Wickremesinghe chose the Sri Lankan Prime Minister to ease the crisis

By Terrie Graves
May 12, 2022
0
0

COLOMBO, Sri Lanka — Five-time former Sri Lankan Prime Minister Ranil Wickremesinghe was reappointed on Thursday in an effort to bring stability to the island nation, engulfed in political and economic crisis.

Wickremesinghe, a controversial choice of President Gotabaya Rajapaksa, was sworn in during a ceremony at the President’s residence. Protesters blocked the entrance to the president’s office for more than a month.

The president’s brother, Mahinda Rajakapsa, resigned as prime minister on Monday following violent attacks by supporters against peaceful anti-government protesters. His resignation automatically dissolved the Cabinet, leaving an administrative vacuum.

The president’s selection of Wickremesinghe is an attempt to end the violence sparked by the crisis and restore international credibility as the government negotiates a bailout with the International Monetary Fund.

Authorities deployed armored vehicles and troops to the streets of the capital on Wednesday after attacks on protesters sparked a wave of violence across the country. Nine people died and more than 200 were injured.

Security forces have been ordered to shoot those suspected of taking part in the violence, as sporadic acts of arson and vandalism continue despite a strict nationwide curfew that began on Monday evening.

For weeks, protesters have demanded that the two Rajapaksas resign over a debt crisis that nearly bankrupted the country and caused severe shortages of fuel, food and other essentials.

Some opposition politicians and religious leaders opposed Wickremesinghe’s appointment, saying the people wanted sweeping reforms.

Opposition MP Anura Dissananayake said the choice of Wickremesinghe was more to shield the president and his family from public anger over his role in the economic crisis than to solve the country’s problems.

When he previously served as foreign minister from 2015 to 2019, Wickremesinghe was accused of shielding the powerful Rajapaksa family from allegations of corruption and other wrongdoing.

Buddhist and Catholic clergy also opposed the selection of Wickremesinghe.

“This decision was taken in complete disregard of the aspirations of the people protesting today. The protests can only get worse by this decision,” said Reverend Omalpe Sobitha, a veteran Buddhist monk.

The Catholic Archbishop of Colombo, Cardinal Malcolm Ranjith, said that for the country to emerge from the crisis, “we need a complete change of the system”.

Political analyst Ranga Jayasuriya said that by appointing Wickremesinghe as prime minister, “President Gotabaya Rajapaksa did not put out the fire, but added oil to it”.

“People would be more angry at this snub of naming a man who has no public support,” Jayasuriya tweeted.

US Ambassador to Sri Lanka Julie Chung said she looked forward to working with Wickremesinghe, and that his appointment and “the rapid formation of an inclusive government are the first steps to addressing the crisis and promoting peace.” stability”.

“We encourage meaningful progress at the IMF and long-term solutions that meet the needs of all Sri Lankans,” she said in a tweet.

Sri Lanka is on the verge of bankruptcy and has suspended repayments of $7 billion in foreign loans due this year. The IMF said any short- or long-term aid depended on the outcome of talks with creditors on loan restructuring. Sri Lanka must repay about $25 billion in foreign loans by 2026 out of a current total external debt of $51 billion.

The Ministry of Finance said earlier this month that the country’s usable foreign exchange reserves had fallen to $25 million.

The shortage of foreign currency has led to a sharp drop in imports, leading to severe shortages of essentials such as fuel, cooking gas, food and medicine. For months, people have had to line up to buy limited supplies, and many have come away empty-handed.

Wickremesinghe will likely present a Cabinet slate to the president for nomination, a power given to him by the constitution. If there are objections to the Prime Minister or the new Cabinet, lawmakers can submit a motion of no confidence to the Speaker of the House when the body reconvenes on Tuesday. The motion would then be debated and voted on.

Wickremesinghe, 73, has served in parliament for 45 years. His political party split in 2020 amid a leadership crisis and most senior members left to form a new party, which is currently the main opposition in the country.

Wickremesinghe’s reputation was tarnished during his previous term as prime minister, when he found himself in a difficult power-sharing deal with President Maithripala Sirisena. The conflict and a breakdown in communication between them have been blamed for intelligence failures that led to the 2019 Easter Sunday suicide bombings that killed more than 260 people.

He was also accused of shielding a friend he appointed as head of the Central Bank from insider trading allegations.

Related posts:

  1. Opinion | The Biden revolution continues
  2. International Funds Publication, March 2021 | Hogan Lovells
  3. Why the highly effective Ukrainian oligarchs stand between the rulers of Kiev and Biden
  4. Mexican finance minister optimistic about 2021

Categories

  • Banking
  • International monetary system
  • Net present value
  • Principal-Agent Theory
  • Trustee

Recent Posts

  • FMU Trustees Approve $165.5 Million Budget | Latest titles
  • Understanding Pakistan’s Chinese Debt Trap
  • 315 million fewer women than men own a smartphone | information age
  • School trustees should focus on education, not politics
  • Argenti is seeking re-election as trustee of the English Catholic school board

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • March 2020
  • Terms And Conditions
  • Privacy Policy