Sri Lanka is due to hold crucial talks with the IMF

Sri Lanka is due to hold crucial talks with the IMF

Sri Lanka is due to hold crucial talks with the IMF

 Even as Sri Lankan President Gotabaya Rajapaksa battles popular protests triggered by the country's worst economic crisis, he appears to be facing a new problem: No one wants to be finance minister.

Earlier this week, Gotabaya sacked Basil Rajapaksa, his brother, from the post of finance minister as he sought to revamp the government to respond to popular anger.

However, Basil's replacement, Ali Sabry, resigned in less than 24 hours.

On Thursday, Sri Lankan outlet Daily Mirror reported many MPs were hesitant to take up the post. Daily Mirror reported “Sabry resigned from the portfolio, paving way for President Gotabaya Rajapaksa to appoint an independent economic expert who would be brought in through the national list, but nothing concrete had worked out”.

The publication reported “former Trade Minister Bandula Gunawardena's name was proposed yesterday [Wednesday] but he was not convinced and showed reluctancy to be the new Finance Minister. With rising public anger against all government MPs and calls for President Rajapaksa to resign from the post, all government MPs are reluctant and seem to be passing the ball from one to another with the President unable to find a suitable candidate to the portfolio”.

Having a finance minister in office is considered vital as Sri Lanka is due to hold crucial negotiations with the IMF next week to decide on an economic assistance package. On Wednesday evening, Gotabaya appointed a team of economic advisers to a 'Presidential Advisory Group on Multilateral Engagement and Debt Sustainability'.

“The Members of the Advisory Group are Dr. Indrajit Coomaraswamy who is the Former Governor of the Central Bank and a Former Director of the Economic Affairs Division of the Commonwealth Secretariat, Prof. Shanta Devarajan who is a Professor of the Practice of Development, Georgetown University and Former Chief Economist of the World Bank and Dr Sharmini Coorey who is a Former Director of the Institute of Capacity Development of the IMF Institute, and Former Deputy Director, Africa Department, IMF,” Daily Mirror reported.

These experts are expected to facilitate talks with the Sri Lankan officials who will engage with the IMF and work towards an economic recovery.

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