Ranil Wickremesinghe: The newly elected President of Sri Lanka

neerajsingh18

Jul 25

Ranil Wickremesinghe: The newly elected President of Sri Lanka

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today's Current Affairs topic is "Ranil Wickremesinghe: The newly elected President of Sri Lanka "

Amidst the ongoing crisis in Sri Lanka Ranil Wickremesinghe has been elected President of the country. Sri Lanka is witnessing a stagnant economy and unleashed public disapproval. Ranil Wickremesinghe has been elected Prime Minister of Sri Lanka six times and he was also the acting President of Sri Lanka in the starting of the crisis. Ranil Wickremesinghe has won this presidency election by winning 134 votes out of 225 members. Sri Lanka desperately needs a stable position of leader to overcome the issues and to win the trust of its people again.

Economic crisis in Sri Lanka:

Sri Lanka is encountering a political upheaval that is destroying its economic powers and its public trust eventually. Many protests are happening and it can be easily seen that Sri Lanka needs to recover as soon as possible with the help of a stable and straightforward political power.

The crisis started in 2019 and it is still empowering its roots in Sri Lanka's economy. There is almost a food emergency in the country. It is one of the most dangerous crises Sri Lanka has ever seen since independence.

Important Assistance from India

The government of India has decided to help Sri Lanka to cope with the crisis by providing food, health and other essential products. For this the target is more than USD 3.5bn.
India has also decided to provide an extra USD 1bn loan to Sri Lanka.
India has provided a line of credit (LOC) of USD 500bn for petroleum and fuel purchase.
India is supporting Sri Lanka by extending a currency swap facility of USD 400mn.

Important initiatives

There are a few initiatives under which India is helping Sri Lanka to deal with the crisis. These initiatives are important from the perspective of upcoming exams.

SAGAR- Security And Growth For All In The Region
Four -pillar initiative
- Lines of credit
- Currency swap
- Modernization of projects
- Investment of India