Sri Lanka: President will take charge of the Finance Ministry, Amarsuriya again becomes Prime Minister
Sri Lankan President Anura Kumara Dissanayake took over as Finance Minister and reappointed Harini Amarasuriya as Prime Minister. Focusing on issues like IMF review and debt restructuring, the President talked about working on interim budget and welfare schemes.
INDC Network : Sri Lanka : President Anura Kumara Dissanayake retains charge of Finance Ministry
The President of Sri Lanka, Anura Kumara Dissanayake, has retained the post of Finance Minister. On Monday, he reappointed Harini Amarsurya as Prime Minister. This decision has been taken at a time when the country is trying to overcome its worst economic crisis.
Dissanayake's Left Coalition Party won a record 159 seats in the 225-member parliament in the recently held general elections. After this great victory, Dissanayake reconstituted the Parliament.
Harini Amarsurya again became the Prime Minister
Harini Amarsurya, who is an academic and holds a doctorate degree from the University of Edinburgh in social anthropology, was re-elected as Prime Minister. Along with this, he has also been given the responsibility of the Ministry of Education and Higher Education.
| Post | appointed person | Key Responsibilities |
|---|---|---|
| President and Finance Minister | Anura Kumara Dissanayake | Financial crisis management, budget submission |
| Prime Minister | Harini Amarsurya | Ministry of Education and Higher Education |
| Minister of Foreign Affairs | Vijitha Herath | international relations |
Focus on IMF and debt restructuring
Sri Lanka is currently reviewing the third phase of the $2.9 billion IMF program. About $337 million is expected to be released after this review. In addition, the government will have to complete a debt restructuring of $12.5 billion.
President's Speech: Emphasis on Accountability
President Dissanayake said in his swearing-in speech,
"This power comes with responsibility. It must be exercised with accountability and limitations to the people."
He said that presenting the interim budget in the coming days and increasing welfare schemes along with reducing taxes would be his priority.
Sri Lanka's economic crisis and the way forward
In 2022, severe shortage of foreign exchange put Sri Lanka in economic crisis. The effect is that the country's economy will shrink by 7.3% in 2022 and 2.3% in 2023.
Now the President has to balance with the IMF program to bring development on a stable path.
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