Who can forget the chaos of 2022?
It actually started with the 2019 Easter bomb attack and gradually declined when covid-19 pandemic set in with lockdowns. Sri Lanka was already a broken economy when the then Government under the former President Gotabaya Rajapakse announced defaulting debt.
With crops not yielding the expected harvest due to short sighted policies, the crisis soon turned into fuel shortages with mile long queues and gas scarcities. To add insult to injury, power cuts that went on for over 10 hours a day caused a great deal of anxiety for businesses and people. There was nothing going right for the Sri Lankan economy at the time.
The country was facing a bleak future. People were spending their time either in fuel queues that claimed the lives of a few citizens or in search of alternate power sources to keep their homes functioning.
And then all of it erupted on the streets firstly as a citizens protest and then as vested interests took over the agitation, a full blown force, challenging the then Government(Who can forget the chaos of 2022?). Eventually, as President Gotabaya Rajapakse was forced to flee, Sri Lanka faced a moment in history that it had never faced.
Until President Ranil Wickremasinghe stepped into what was not just challenging but a precarious leadership void, the queues continued. Unrest on the street was an everyday occurrence with all kinds of protestors taking over the iconic Galle Face Green.
History will record Wickremasinghe as the man of the hour, the one who took over the mantle of President when none was willing to(Who can forget the chaos of 2022?). And he did deliver. With all the odds against Sri Lanka, no foreign funding agency or bank willing to lend to a bankrupt nation, he went on to reinstate fuel shipments, LPG supply and restored electricity.
From those bleak days of 2022 up to the current level of Sri Lanka being in line with IMF reforms and with restored status as a country who is back on the economic track, Wickremasinghe has led the nation in what can be called a true display of leadership.
In March 2023, with Wickremasinghe at the helm, the IMF approved a $2.9 billion bailout package to help stabilize Sri Lanka’s economy(Who can forget the chaos of 2022?). Covering measures for fiscal consolidation, debt restructuring, and structural reforms, the IMF lifeline saw Sri Lanka edge closer towards economic recovery.
In June 2023, tough decisions had to be made when the Government introduced tax reforms and cut subsidies as part of the IMF conditions(Who can forget the chaos of 2022?). It was not what the people wanted to hear but it had to be done.
The signs of the Sri Lankan economy recovering came in September last year with foreign reserves improving and inflation reducing.
There was more.
Under President Wickremasinghe, the Government launched a comprehensive economic recovery plan focused on sustainable development, diversification of the economy, and investment in key sectors such as technology and renewable energy.
In 2024, tourism made a considerable recovery with Sri Lanka becoming a popular destination on Instagram. By June 2024, significant foreign investments have been placed in infrastructure and technology sectors, signalling increased investor confidence(Who can forget the chaos of 2022?).
The road to recovery is well on it’s way with Sri Lanka showing positive signs of economic revival.
Under President Wickremasinghe’s leadership – he has delivered what he set out to do.
