#ranilwickremesinghe

As talks with the International Monetary Fund on a rescue package continue, the president of crisis-ridden Sri Lanka plans to reduce spending when he delivers an interim budget on Tuesday. The 22 million-strong, heavily dependent-on-tourism country is experiencing its worst economic crisis since gaining independence in 1948, with its foreign exchange reserves collapsing, its governmental finances in disarray, and the prices of essential products skyrocketing. Ranil Wickremesinghe, who took office after his predecessor was overthrown in a popular uprising in July, said earlier in the month that the interim budget would be centred on deficit reduction measures agreed upon with the IMF. He declared that spending would be reduced by "a few hundred billion" rupees, including on defence, in order to direct money toward welfare and pay off loan interest. In its most recent budget, which was unveiled in November, Sri Lanka set an expenditure goal of 3.9 trillion rupees ($10.99 billion). In addition to announcing new levies to reduce a double-digit deficit, Wickremesinghe, who doubles as the finance minister, is anticipated to unveil plans to assist low-income communities that have been affected the hardest by the financial crisis. A more comprehensive recovery plan will be provided in November along with the full-year budget for 2023. The interim budget is likely to aim for a 9.9% Read the full article

Sri Lanka's new President Ranil Wickremesinghe is established to swear in his Cabinet on Friday, which will include members of the previous government, including the next Prime Minister, Dinesh Gunewardena. The previous Cabinet will continue to function until a national government is agreed upon by Parliament, at which point a Cabinet reshuffle will take place. Mr. Wickremesinghe, 73, who was sworn in as the country's eighth president on Thursday after winning a parliamentary vote, has called for bipartisanship to address the country's unprecedented economic crisis. Mr. Gunewardena, the Leader of the House in the Sri Lankan Parliament, will be the new Prime Minister. He was assigned as Home Minister by then-President Gotabaya Rajapaksa in April. Mr Gunawardena, a veteran of Sri Lankan politics, has also served as foreign minister and education minister. Officials said Mr Wickremesinghe would try and build an all-party government to address the country's current economic crisis, which is the worst since its independence in 1948. Mr Wickremesinghe, a 6 former prime minister, was elected by lawmakers on Wednesday in a rare move that could provide continuity for crucial talks with the IMF about a bailout deal for the cash-strapped country. He will be given the mandate to complete Gotabaya Rajapaksa's term, which comes to an end in November 2024. Read the full article

Sri Lanka: श्रीलंका को मिला नया राष्ट्रपति, संसद ने रानिल विक्रमसिंघे को सौंपी कमान Sri Lanka: कोलंबो: सियासी और आर्थिक संक...