Sri Lanka named a new finance minister as President Gotabaya Rajapaksa began reworking his cabinet amid the nation’s worst economic and political crisis in decades.
Ali Sabry will take over from Basil Rajapaksa as the head of finance, while G.L. Pieris will continue as the foreign minister, Sudewa Hettiarachchi, director general of the Presidential Media Division, said by phone Monday. Sabry is among the key decision makers as the president prepares for a bailout from the International Monetary Fund.
The reshuffle comes amid Sri Lanka’s struggle with a severe dollar shortage, prompting capital controls and import curbs. With the government eventually running out of funds to pay for purchase of essentials such as food and fuel, the island nation is now staring at a default of its debt, even as inflation has accelerated at the fastest pace in Asia and the rupee has collapsed. The reshuffle comes amid Sri Lanka’s struggle with a severe dollar shortage, prompting capital controls and import curbs. With the government eventually running out of funds to pay for purchase of essentials such as food and fuel, the island nation is now staring at a default of its debt, even as inflation has accelerated at the fastest pace in Asia and the rupee has collapsed.
