Parliamentarians in Sri Lanka without wasting any time picked former Prime Minister Ranil Wickremesinghe as the island nation’s new President, given the unprecedented economic downfall leading to violent protests by the people on the streets of the country. The post was vacant following the resignation of Gotabaya Rajapaksa amid massive protests by the public over a crushing economic crisis that saw prices of essential commodities soar. But the major question at this point of time is whether the new Sri Lankan President will be able to ensure a speedy turnaround in the situation of the crisis-hit island nation. Undeniably, there are challenges galore, and the path before the new president is uphill and steep. All eyes at the domestic and international levels are set on how Wickremesinghe manages to steer the country out of troubled times. What is also significant to see is how early he is able to do the same.
The first priority for the newly elected president should be to take immediate and effective steps that pave the way for the beginning of Sri Lanka’s recovery from the existing crippling economic crisis. Hopefully, Wickremesinghe may have some concrete plans ready in this regard but the implementation is what needs to be seen. Apart from putting the economy back on track, Wickremesinghe faces the task of restoring order which is nowhere to be seen in the country. Many experts who have studied the economy of many countries like Sri Lanka are of the view that tourism and investments can be on normal track only after there is a proper public order. Tourism is a mainstay of Sri Lanka’s economy, and the normal flow of tourists from across the world is possible only if the country returns to normalcy in terms of law and order. It is common knowledge now that the Covid-19 pandemic crippled tourism in the island nation, which is also one of the major factors responsible for its economic deterioration. The new president will also be focusing on how to attract more investments in the country, as it is a mandatory step for putting the country’s economy back on track. He needs to reach out to responsible and sensible nations of the global community including India and Japan for guidance and support. India is already keen to extend more support to Sri Lanka under Wickremesinghe. After he was elected president of Sri Lanka, India made it clear, saying that it will continue to remain supportive of the country and help in the island nation’s stability and economic recovery. This is a good opportunity offered by India that Wickremesinghe should use to lead his nation out of the present crisis. He can learn a lot from India’s success story in the economic, social, tourism, health and infrastructure sectors. His balancing act to manage the country’s resources and debts may help revive the economy of the country. He should also remain connected to the public, reaching out to them on every key decision he takes. He has to drive home a message that he is different from Rajapaksa.
According to many economists, Wickremesinghe should convince the International Monetary Fund (IMF) to provide a bailout package. For the debt restructuring to be a reality, the Sri Lankan president needs to take immediate steps against corruption as the IMF is seeking to see such measures in the island nation before taking a call on Colombo’s request for a bailout package. He should also take some measures that could reduce fuel prices so that the public can afford it. Dwindling foreign exchanges is another major challenge that Wickremesinghe has to deal with. However, setting the economy back on track will take some time. He has himself predicted that it might take until the end of 2023 to accomplish. China’s debt trap is another area that Wickremesinghe is supposed to deal with on an urgent basis. He needs to see through Beijing’s design in every project that it comes up with. What one cannot lose sight of is that China is trying to fish in the troubled waters in Sri Lanka. Beijing’s hand cannot be ruled out in running the disinformation campaign that says India is interfering in the internal political process of Sri Lanka. New Delhi has forcefully denied any role in the internal political process in Sri Lanka and promised to continue supporting the people of the neighbouring island nation. While dealing with the present crisis, Wickremesinghe should also be cautious against such conspiratorial role of China. What keeps every Sri Lankan’s hopes alive is the fact that Wickremesinghe is much closer to India and other western countries than his predecessors.