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ECONOMYNEXT - Sri Lanka's President Maithripala Sirisena is to swear in a new cabinet on Monday, amid a growing political crisis after Mahinda Rajapaksa was appointed Prime Minister.
A standoff has developed after incumbent Ranil Wickremesinghe said he cannot be removed under the constitution and he has the support of a majority of members in parliament.
India, the US, EU has called for democracy and the constitution to be respected. China met both Rajapasksa and Wickremesinghe.
President Maithripala Sirisena in a speech Sunday evening said he sacked Wickremesinghe because he could no longer work with him and there was a policy and cultural gulf between them. He insisted that legal experts had told him the action was within the constitution.
Sri Lanka's financial markets are opening Monday for the first time, after the crisis began.
On Fridays stocks surged 1.1 percent ahead of the crisis. The rupee has been under pressure for some time due to contradictory policy involving a reserve collecting peg and rate cuts. (Colombo/Oct29/2018)
A standoff has developed after incumbent Ranil Wickremesinghe said he cannot be removed under the constitution and he has the support of a majority of members in parliament.
India, the US, EU has called for democracy and the constitution to be respected. China met both Rajapasksa and Wickremesinghe.
President Maithripala Sirisena in a speech Sunday evening said he sacked Wickremesinghe because he could no longer work with him and there was a policy and cultural gulf between them. He insisted that legal experts had told him the action was within the constitution.
Sri Lanka's financial markets are opening Monday for the first time, after the crisis began.
On Fridays stocks surged 1.1 percent ahead of the crisis. The rupee has been under pressure for some time due to contradictory policy involving a reserve collecting peg and rate cuts. (Colombo/Oct29/2018)
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