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Sri Lanka Protests Continue Over Economic Crisis After Cabinet Reshuffle
Posted
April 5, 2022
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0:58Now PlayingSri Lankan bonds slumped after protests against soaring inflation and lengthy power cuts led to a cabinet reshuffle, adding to concern political turmoil will hamper the government’s ability to repay its debts in the face of a deepening economic crisis.
P. Nandalal Weerasinghe, a career central banker, was appointed to head Sri Lanka’s monetary authority after incumbent Governor Ajith Nivard Cabraal submitted his resignation in line with the ruling cabinet.
President Rajapaksa also swore in Ali Sabry as the new finance minister, replacing his brother Basil, to steer the economy out of its worst crisis in decades. Sabry is part of a team that will oversee the nation’s debt restructure, key to obtaining support from the IMF.
The nation’s $1 billion bond due in July was quoted at 59 cents on the dollar on Monday, down 7 cents and indicated at its lowest price since May 2020. The latest leg down, the biggest among developing countries, suggests that investors are getting more and more convinced Sri Lanka will have trouble honoring its debt when it comes due in less than four months.
The political upheaval comes as Sri Lanka struggles with a cash crunch that’s caused the government to implement capital controls and import curbs. On late Friday, the nation declared a public emergency after protests flared in the wake of the deepening crisis.
Running short of dollars to buy necessities, Sri Lanka is looking to renegotiate the terms of its obligations to avoid a default, while contending with Asia’s fastest inflation and a collapsing currency. Last month, Sri Lanka sought out support from the International Monetary Fund.
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