Gotabaya appoints Ranil as Sri Lanka Prime Minister
Ranil Wickremesinghe, a veteran opposition MP, was sworn in as the new Prime Minister of Sri Lanka for the sixth time in an effort to end the current political crisis in the country.
Gotabaya's elder brother Mahinda Rajapaksa resigned as prime minister on May 9.
Wickremesinghe's United National Party (UNP) was wiped out in the 2020 general elections, with Rajapaksa winning a two-thirds majority.
Wickremesinghe is currently the only MP from his party.
Reason of crisis in Sri Lanka
Mahendra Rajapaksa announced huge tax cuts in his manifesto in the 2019 election, leading to a huge drop in revenue.
Sri Lanka is primarily a tourism-based economy. The Easter bombings in 2019 resulted in a sharp drop in tourist arrivals, which was further exacerbated by the COVID crisis.
Huge infrastructural debt.
Misguided policies of the authoritative regime
Due to Covid, there was a further decline in the export of tea, rubber and the tourism sector came to a standstill.
Remittances also dropped significantly
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