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President-elect of Sri Lanka wants coalition government to revive economy

Sri Lanka
  • Ranil Wickremesinghe took office earlier this month.
  • He has formally invited MPs to join an all-party unity government.
  • The new president wants to revive the country’s bankrupt economy by undertaking painful reforms.

Ranil Wickremesinghe, the country’s new leader, has officially asked lawmakers to join an all-party unity government; that would enact difficult changes in an effort to rescue the nation’s failing economy; his office said on Sunday.

Wickremesinghe assumed power earlier this month after his predecessor Gotabaya Rajapaksa was forced; to leave the country and resign due to popular outrage over the island nation’s; greatest economic crisis.

Wickremesinghe discussed his ideas at a meeting with the powerful monks of the Temple of the Tooth in Kandy; one of Buddhism’s holiest sites, on Saturday.

In his first meeting with the influential Buddhist clergy since assuming office; Wickremesinghe was quoted as saying, “As the president, I intend to start a new journey.”

“I would like to build an all-party government and bring together all the parties; to embark on that road.”

In a letter to every MP, he has pleaded with them to join a unity government.

After Mahinda Rajapaksa, the senior Rajapaksa brother, resigned and no one else shown interest in the role; Wickremesinghe, a former opposition MP, assumed the office of premier for a sixth time in May.

Following Gotabaya’s departure on July 9 when tens of thousands of demonstrators; enraged by the economic crisis stormed the presidential palace, Wickremesinghe was elected president.

He escaped to Singapore, where he later announced his resignation five days later. Wickremesinghe then took over as acting president; and was eventually elected by parliament to officially assume the presidency.

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The 22 million residents of Sri Lanka have faced months-long power outages; record inflation, and shortages of food, gasoline, and medications.

The nation hasn’t had enough foreign currency to pay for even the most basic imports since late last year.

Sri Lanka started bailout negotiations with the International Monetary Fund in April; after going into default on its $51 billion in foreign debt.

The economy will fall by 7.0 percent this year, according to Wickremesinghe; who also predicted a rebound in 2019.

“I’m striving to stabilise this economy and grow it; so that it can support the development of the nation by 2023 or 2024.

“It is a challenging assignment. But if you wait, it will be more challenging. He said, “We should consider whether we should attempt to treat; the patient by administering medication or allow the patient to pass away; without administering medication.
He said that the present rate of inflation, 60.8 percent, may increase further.

Following his victory as president, Wickremesinghe created an interim administration; while directing security personnel to remove protest locations. He left the door open for others to join.

He has called for a fresh session of the parliament to begin on Wednesday; and is anticipated to increase the size of the 18-member cabinet; to include representatives from the opposition.

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