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The biggest economic crisis in decades is present as Sri Lanka swears in a new president

by Daily Patriot
July 21, 2022
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Ranil Wickremesinghe who has been elected as the Eighth Executive President under the Constitution leaves a Buddhist temple, amid the countrys economic crisis, in Colombo, Sri Lanka July 20, 2022. — Reuters

Colombo: A day after winning a vote in parliament and pleading with the island nation to unite in an effort to find a solution to its worst economic crisis in decades, veteran politician Ranil Wickremesinghe was sworn in as Sri Lanka’s next president on Thursday.

The six-time prime minister succeeded Gotabaya Rajapaksa, who quit his position and left Sri Lanka last week in the wake of widespread protests over his management of the country’s economy. The nation’s chief justice officiated the swearing-in event, which took place in parliament.

A catastrophic financial crisis has rendered the 22 million-person nation helpless, and a dearth of foreign cash has resulted in shortages of goods including fuel, food, and medication.The primary state-run distributor, Ceylon Petroleum Corporation, will resume sales on Thursday with a new rationing system in place after receiving additional supplies of diesel over the weekend, according to the power and energy ministry.

Despite Wickremesinghe’s unpopularity with some segments of the populace, the protest movement that ousted Rajapaksa, the first president of Sri Lanka to resign while in office, remained fairly subdued.

The presidential secretariat, a colonial-era structure that was overrun by a sea of demonstrators earlier this month together with the president and prime minister’s official houses, was empty on Thursday.

Tags: Economic Crisisnew presidentpetroliumSri Lank
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