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Sri Lanka holds its breath as new PM fights to save economy

Mount Equity Group Tokyo Japan > News > Markets > Sri Lanka holds its breath as new PM fights to save economy

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COLOMBO, Sri Lanka — It has been nearly three weeks since Ranil Wickremesinghe took over as prime minister of Sri Lanka with a daunting mandate to pull the crisis-weary country from the brink of an economic abyss that threatens to tear it apart.

The five-time prime minister has inherited a nation barreling toward bankruptcy and saddled with foreign debt so big that it has no money left for basic imports. Sri Lankans are struggling to access the bare necessities like food, fuel, medicine, cooking gas and even toilet paper and matches.

In his new job, Wickremesinghe left little doubt about what lies ahead. “The next couple of months will be the most difficult ones of our lives,” he told the nation fed up with long lines, sky-rocketing inflation and daily protests that seem to be getting out of control.

“We must prepare ourselves to make some sacrifices and face the challenges of this…

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