Sri Lanka crisis: Following many Cabinet resignations, President now names new Ministers

After many resignations of ministers  President Rajapaksa on Monday announced at least four new Ministers. According to the reports, Basil Rajapaksa replaced by Ali Sabry, as Minister of Justice, as the new Finance Minister. While G L Peiris has been named new Foreign Minister, Dinesh Gunawardena as the new Education Minister and Johnston Fernando as the new Minister of Highways.

Earlier, Sri Lankan central bank governor Ajith Nivard Cabraal submitted his resignation on Monday amid Sri Lanka crisis. He took his Twitter and wrote "In the context of all Cabinet Ministers resigning, I have today submitted my resignation as Governor, @CBSL to HE President Gotabaya Rajapaksa."

For unreserved Sri Lanka is presently facing a foreign exchange shortage which has led to a fuel, power, and gas shortage, and has sought the assistance of friendly countries for economic assistance. Sri Lanka is witnessing at least 10-hour daily power cuts. Sri Lanka's currency has been also devalued by almost SLR 90 against the US dollar since March 8. Sri Lanka's economy has been in a free fall since the COVID-19 pandemic due to the crash of the tourism sector.