Change for the Better: Sri Lanka’s New Beacon of Hope
Prior to the election of the next president, Sri Lanka was experiencing an unparalleled economic crisis, the worst since its independence in 1948. The crisis was triggered by a toxic combination of high foreign debt, corruption, and economic mismanagement, resulting in significant shortages of critical supplies such as food, fuel, and medication. Inflation then skyrocketed, foreign reserves plummeted, and everyday living became difficult for ordinary Sri Lankans. Long lines developed at gas stations and power outages became increasingly frequent, which negatively impacted public services. The suffering people experienced resulted in widespread protests in the country that united Sri Lankans from all class and religious backgrounds together against the government. The turning point was in July 2022 when protestors invaded the presidential palace due to the administration’s incompetence with governing the country. Former President Gotabaya Rajapaksa, whose family had dominated Sri Lankan politics for decades, was compelled to quit and flee as a result. He was the one who had brought about the economic crisis in the nation.
Amid this backdrop of economic hardship and political upheaval, Sri Lankans voted in a presidential election on September 23, 2024. Anura Kumara Dissanayake, a Marxist-leaning politician and leader of the National People’s Power (NPP) coalition, was chosen to be the president. His win constituted a significant departure from the traditional political dynasties that had long dominated the country, particularly the Rajapaksa and Wickremesinghe families. Dissanayake’s campaign capitalized on popular dissatisfaction with the ruling class, vowing to confront corruption, undertake genuine economic changes, and rebuild trust in public institutions.
The rise of Dissanayake offers hope for a potential ideological shift in Sri Lankan politics. In contrast to the neoliberal mindset of previous leaders, Dissanayake’s Marxist worldview emphasizes social fairness, public welfare, and wealth redistribution. These are essentially democracy’s traits that the new president hopes to achieve during his time. One of Dissanayake's first challenges will be managing the IMF deal signed by the previous president, which requires enforcing stringent austerity measures in exchange for financial assistance. While the IMF-backed austerity program helped stabilize the economy in the short term, it also deepened the suffering of ordinary Sri Lankans, making Dissanayake’s task of balancing austerity with economic recovery particularly delicate.
Moreover, Dissanayake must navigate complex international relations to secure continued support from key players like India, China, and the IMF, whose financial aid remains critical to Sri Lanka’s recovery. By balancing these relationships, Sri Lanka can better pave its path toward economic stability. At the same time, he faces the task of rebuilding public trust in the government, addressing deep-rooted corruption, and creating long-term economic stability.