Sri Lanka's prime minister tackles thorny finances, economy
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COLOMBO, Sri Lanka -- Sri Lanka’s new Prime Minister Ranil Wickremesinghe has been sworn in as finance minister as this Indian Ocean island nation confronts its worst economic crisis in memory. President Gotabaya Rajapaksa named Wickremesinghe minister of Finance, Economic Stability and National Policies in an apparent bid to regain Sri Lanka’s credibility as the government negotiates a bailout package with the International Monetary Fund. Sri Lankans have been enduring shortages of food and fuel, power outages and other privations. The country lacks the financial wherewithal to buy imported necessities and pay its debts, and the economic crisis has fueled political turmoil, with protesters demanding Rajapaksa’s resignation. Wickremesinghe's appointment followed a government announcement that Sri Lanka was hiring firms to restructure its $51 billion external debt. Lazard of France will provide financial advice and Clifford Chance LLP will assist with legal help in restructuring S...