Cash-strapped Sri Lanka yesterday appointed nine more ministers to an “all-party government” tasked with trying to steer the country out of its economic crisis, but the crucial finance portfolio remains vacant.
Sri Lankan Prime Minister Ranil Wickremesinghe took over earlier this month after Mahinda Rajapaksa, the president’s elder brother, resigned as escalating protests blamed his administration for leading the economy to the brink of collapse. Wickremesinghe had pledged to put together a cross-party coalition after the previous Cabinet was dissolved.
The new ministers — for health, education and justice, among others — were sworn in before Sri Lankan President Gotabaya Rajapaksa at his tightly-guarded official residence in Colombo, the government said in a brief statement.
Photo: Reuters
Two legislators from the main opposition SJB party broke ranks to join the new government. Another opposition party, the Sri Lanka Freedom Party, agreed to support President Rajapaksa and was yesterday given one portfolio.
The finance position — which will bring with it responsibility for leading negotiations with the IMF over a bailout — remains vacant. However, the new prime minister’s office said that someone would be appointed next week.
The delay in getting a finance minister could hinder the IMF negotiations, the central bank chief said on Thursday.
Sri Lanka is facing its worst-ever shortage of foreign exchange with the government unable to finance even the most essential imports such as food, fuel and medicines.
The government yesterday shut offices and schools as the fuel shortage crippled transport across the country.
However, officials said the government had managed to raise the US$53 million necessary to pay for a gasoline shipment which arrived at the Colombo port this week.
Retail pumping stations could be supplied over the weekend, officials said.
The central bank on Thursday announced that it would not be able to resume foreign debt repayments for at least another six months until the nation’s external debt of US$51 billion is restructured.
FRUSTRATIONS: One in seven youths in China and Indonesia are unemployed, and many in the region are stuck in low-productivity jobs, the World Bank said Young people across Asia are struggling to find good jobs, with many stuck in low-productivity work that the World Bank said could strain social stability as frustrations fuel a global wave of youth-led protests. The bank highlighted a persistent gap between younger and more experienced workers across several Asian economies in a regional economic update released yesterday, noting that one in seven young people in China and Indonesia are unemployed. The share of people now vulnerable to falling into poverty is now larger than the middle class in most countries, it said. “The employment rate is generally high, but the young struggle to
ENERGY SHIFT: A report by Ember suggests it is possible for the world to wean off polluting sources of power, such as coal and gas, even as demand for electricity surges Worldwide solar and wind power generation has outpaced electricity demand this year, and for the first time on record, renewable energies combined generated more power than coal, a new analysis said. Global solar generation grew by a record 31 percent in the first half of the year, while wind generation grew 7.7 percent, according to the report by the energy think tank Ember, which was released after midnight yesterday. Solar and wind generation combined grew by more than 400 terawatt hours, which was more than the increase in overall global demand during the same period, it said. The findings suggest it is
IN THE AIR: With no compromise on the budget in sight, more air traffic controllers are calling in sick, which has led to an estimated 13,000 flight delays, the FAA said Concerns over flight delays and missed paychecks due to the US government shutdown escalated on Wednesday, as senators rejected yet another bid to end the standoff. Democrats voted for a sixth time to block a Republican stopgap funding measure to reopen government departments, keeping much of the federal workforce home or working without pay. With the shutdown in its eighth day, lines at airports were expected to grow amid increased absenteeism among security and safety staff at some of the country’s busiest hubs. Air traffic controllers — seen as “essential” public servants — are kept at work during government shutdowns, but higher numbers
Elvis Nghobo tried to get into four different professional schools in Cameroon, but could not make it. Frustrated, the 34-year-old turned to selling food at a market in Yaounde, the country’s seat of power. Nghobo blames his woes on what he calls a corrupt education system that favors children of the elite. As the central African country prepares for Sunday’s presidential election, he said he would not be heading out to vote. He called the results a foregone conclusion for 92-year-old Paul Biya, the world’s oldest president, who has ruled for Nghobo’s entire life. “He is already too old to govern, and it’s boring
RSS