The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Who can save Sri Lanka?

Sri Lankan Central Bank Governor Ajith Nivard Cabraal Interview
Has Sri Lanka’s central bank governor really gone? Some believe Ajith Nivard Cabraal will retain influence as an unofficial adviser.
Photo: Getty Images

As the economy lands with a thud, there’s a dearth of talent in Colombo’s official ranks. Pragmatic diplomacy might now be a better option for the embattled Rajapaksa clan.

A handful of people will decide Sri Lanka’s economic fate over the coming months.

Two are brothers, senior members of the divisive Rajapaksa clan who have long ruled the country: the president, 72-year-old Gotabaya; and Mahinda, 76, the former president who is now prime minister.

Neither of the two brothers is an economist. Nor was a third brother Basil, who was the finance minister overseeing the country’s economic mess – many say he helped create it – until that mess caught up with the family on April 4 when the cabinet resigned en masse. Basil’s formal education didn’t progress beyond high school, Gotabaya became a soldier and ranking officer and Mahinda qualified as a lawyer after becoming a member of parliament in the country’s strongly Buddhist Sinhalese south.

Basil was replaced as finance minister by justice minister Ali Sabry, a Muslim lawyer who had also resigned on April 4 with the rest of the cabinet only to be sworn back in hours later in the finance portfolio.

But less than 24 hours after his appointment to finance, Sabry resigned, apparently after coming under pressure from his community supporters concerned he had been appointed to help rescue Rajapaksa's Sinhalese Buddhist nationalist government that’s often accused of directing enmity against Sri Lanka's business-oriented Muslim community.


Eric Ellis headshot.jpeg
Eric Ellis
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree