Sri Lanka creates two new ministries to handle economic crisis

Colombo: Sri Lankan President Gotabaya Rajapaksa has created two new ministries, including an investment ministry, to handle the worst economic crisis in the island nation.

The role of the new ministry of 'Technology and Investment Promotion' will also be to promote foreign direct investment and private sector investment while promoting economic potential in Sri Lanka.

The new ministry was created after Basil Rajapaksa, former finance minister and the intellectual pillar of the Rajapaksa brothers, quit Parliament on Thursday.

Also, a 'Ministry of Women, Child Affairs and Social Empowerment' was created through a gazette notice issued by President Gotabaya.

It is reported that the Ministry of Women and Children's Affairs and Social Empowerment includes 15 institutions including the National Child Protection Authority and the Samurdhi Development Department, Colombo Page reported.

Basil said he was stepping down to allow someone suitable from the ruling Sri Lanka Podujana Peramuna (SLPP) to replace him.

It is speculated that Dhammika Perera, a leading businessman is to replace Basil and be appointed to become the minister of Technology and Investment

Promotion.

Perera in recent weeks has been making public suggestions of his plans to promote the flow of US dollars into the country in order to tackle the unprecedented economic crisis the island nation has faced since 1948.