PM takes oaths as Finance Minister

Prime Minister RanilWickremesinghe was sworn in as the Minister of Finance, Economic Stabilisation and National Policies.

The swearing in took place before President Gotabaya Rajapaksa at the President's House in Colombo this morning (25).

Secretary to the President Gamini Senarath was also present.

The appointment  of Mr Wickremesinghe as the Finance Minister brought to an end two weeks of speculation about filling in the post.

Earlier a senior member of the United National Party (UNP) Naveen Dissanayake said that the appoint was delayed expecting that Dr Harsha de Silva will take over the position.

However, the opposition had pointed out that the delay in naming a Finance Minister would delay in gaining stability to the country.

Initially an offer had been made to the former Finance Minister Ali Sabry to take over the position,  but Mr Sabry declined the offer saying that his family members were not in favour.

Central Bank Governor Dr Nandalal Weerasinghe earlier said that in order to complete negotiations with the IMF by presenting a policy framework to the Parliament the appointment of a Finance Minister was  important. 

Meanwhile Mr Wickremesinghe in an interview to Reuters on Tuesday said he will present an interim budget within six weeks, slashing infrastructure projects to re-route funds into a two-year relief programme.

He warned that inflation would rise as the government gets down to tackling the crisis, and that there could be more protests on the streets.

He said he hoped any unrest would not get out of hand, adding that funds would be made available to help the most vulnerable of the country's 22 million people.

"With the interim budget, it is just about cutting down expenditure, cutting to the bone where possible and transferring it to welfare."

"We have no rupee revenue, and now we have to print another (one) trillion rupees," Wickremesinghe said, warning that annual inflation could rocket past 40% in coming months, putting further pressure on Sri Lankan households already grappling with high prices.