The appointment of Basil Rajapaksa as Finance Minister comes at a time when the country’s economy is in shambles and large numbers of people are enduring hardship. His formal entry into the government, and the authority vested in him through a heavy load of government departments, has given rise to the hope that there will be greater rationality in government decision making in facing the economic challenges. Imports have been restricted and the entirety of the country’s foreign exchange reserve is committed to repaying foreign debt. It is necessary that there should be an influx of foreign exchange. The two key economic challenges that the new minister faces is to find new sources of loans and to preserve the export markets the country currently has. It appears that the reliance on Chinese finances alone, which was once thought possible, has reached its limits for both economic and political reasons.