President Ranil Wickremesinghe gestures as he arrives at the Election Commission in Rajagiriya to submit his nomination papers for the upcoming Presidential election, scheduled for September 21, in Colombo, Sri Lanka, on August 15, 2024.
| Photo Credit: Reuters

Sri Lankan President Ranil Wickremesinghe, the front runner in the Presidential poll scheduled for next month, was on Friday (August 16, 2024) endorsed by a grand coalition of more than 30 political parties and groups.

This comes after Mr. Wickremesinghe (75) announced himself as the independent candidate on Thursday (August 15, 2024) by handing over nominations to contest the September 21 Presidential election.

Election crucial for Sri Lanka’s future: President Ranil Wickremesinghe

Ranil Wickremesinghe, the leader of the now decimated grand old party, the United National Party (UNP), is backed by the Rajapaksa family breakaways from the Sri Lanka Podujana Peramuna (SLPP).

Mr. Wickremesinghe was elected as the stop-gap President after then-president Gotabaya Rajapaksa was ousted in a popular uprising following his inability to handle the country’s unprecedented economic crisis that led to a shortage of essential commodities.

The SLPP of the Rajapaksas provided Mr. Wickremesinghe with Parliamentary support to become the President but did not approve of the incumbent President’s hard reforms to revive the bankrupt economy. The SLPP has fielded the heir apparent of the dynasty Namal Rajapaksa (38) against him.

Mr. Wickremesinghe, who initiated a hard reform programme led by the International Monetary Fund, took upon reviving the economy with the support from his SLPP-dominated Cabinet.

Explained | The political career of Sri Lankan Prime Minister Ranil Wickremesinghe

“I’m thankful to those who supported me to handle this difficult task. They did not run away when challenged to perform the responsibilities of the country,” Mr. Wickremesinghe, also the Finance Minister, said.

Mr. Wickremesinghe, since being elected, implemented hard economic reforms as necessitated by the IMF to secure a bail-out of nearly $3 billion over four years.

His hard reforms brought in stability although the Opposition said the economic hardships caused by the IMF deal had left the public in the lurch. The Opposition has vowed to renegotiate the IMF programme to provide relief to the public.

Mr. Wickremesinghe’s main rivals are once his deputy Sajith Premadasa and the leader of the Marxist Janatha Vimukthi Peramuna (JVP) Anura Kumara Dissanayake.

There have been several individuals who changed loyalties to Mr. Wickremesinghe and Premadasa and vice-versa since the election was announced by the island nation’s independent election commission.

President Ranil Wickremesinghe addresses his supporters after submitting his nomination papers for the upcoming presidential election, scheduled for September 21, in Colombo, Sri Lanka, on August 15, 2024.
| Photo Credit: Reuters

COLOMBO

As many as 39 presidential aspirants will contest a crucial poll in Sri Lanka on September 21, the Election Commission said on Thursday (August 15, 2024), after closing nominations.

Incumbent President Ranil Wickremesinghe, who rose to the top office through a parliamentary vote during the island nation’s 2022 crisis, is seeking a mandate to take forward his government’s economic reform agenda.

Mr. Wickremesinghe, 75, is contesting as an independent candidate on a “stability” plank, while his main challengers Opposition Leader Sajith Premadasa, who broke away from Mr. Wickremesinghe’s United National Party following political differences, and Anura Kumara Dissanayake, who leads the centre-left National People’s Power alliance, are promising change.

More recently, Namal Rajapaksa, son of former President Mahinda Rajapaksa, entered the race, becoming the first prominent member from the family to face the electorate after a people’s movement dislodged them from power in 2022, when the island experienced its worst financial meltdown in decades. Lawyer Nuwan Bopage, a prominent activist representing a section of the 2022 uprising, is also contesting for the recently formed ‘People’s Struggle Alliance’.

Addressing supporters after filing his nomination President Wickremesinghe said, “Had I not stepped up [in 2022] Sri Lanka would face the crisis now plaguing Bangladesh… I ask for your mandate to continue this work.”

Many Sri Lankans credit Mr. Wickremesinghe for leading the country at a challenging time and setting its economy on a path of recovery. However, his government’s austerity measures, introduced as part of an Internal Monetary Fund-backed programme, have hit most citizens hard. His opponents Mr. Premadasa and Mr. Dissanayake have promised to renegotiate the IMF’s package and alleviate the economic suffering ofSri Lankans.

Nearly 17 million eligible voters will have a say on September 21, when the country goes to the polls for the first time after former President Gotabaya Rajapaksa was unseated by citizens in 2022.

Ranil Wickremesinghe. File
| Photo Credit: N. Ram

COLOMBO

Sri Lanka’s President Ranil Wickremesinghe has drawn sharp criticism over his government’s defiant response to a recent Supreme Court decision, which senior lawyers and critics say, amounts to “wilful disregard” of the Constitution.

The attack comes in the wake of an interim order issued by the island nation’s top court on July 24, 2024, in regard to the President’s appointment of the police chief.  

The order restrained Inspector General of Police Deshabandu Tennakoon from continuing in the post and asked Mr. Wickremesinghe to appoint a suitable official to the post for the period of the stay.

The Supreme Court’s ruling followed nine Fundamental Rights petitions challenging the IGP’s appointment, mostly on constitutional grounds.

The senior police official’s appointment has remained controversial also because the Supreme Court in December 2023 held him personally responsible for torture in a 2011 case.

Following the recent court order, Prime Minister Dinesh Gunawardena told Parliament that the government refused to accept the decision. The post of IGP was not vacant and therefore prevented the President from appointing an acting IGP, he contended.

His remarks drew flak from Opposition politicians who termed the government’s response “reckless”.  

Taking to social media platform ‘X’, Leader of Opposition Sajith Premadasa said: “When a President defies the Supreme Court, he attacks the very fabric of our democracy. At a time when we are striving for justice and progress, his reckless actions and political chess games risk plunging us into chaos and oppression.”

Anura Kumara Dissanayake, who leads the Opposition National People’s Power (NPP) alliance, vowed to take legal action against IGP Thennakoon if he continued functioning in the post. Further, he challenged PM Gunawardena to make his statement rejecting the Supreme Court decision outside the House, without the protection of Parliamentary privilege.

Meanwhile, President Ranil Wickremesinghe on July 28 called upon the Parliamentary Speaker and the Chief Justice to hold discussions to resolve the issue.

The Bar Association of Sri Lanka (BASL), a prominent professional body of lawyers, said it “strongly condemns” the efforts of the government to “subvert the course of justice”.

“The claim that the Supreme Court does not have power to call into question appointments made by the President which are approved by the Constitutional Council is totally untenable,” the BASL said in its statement, even as the executive appears to be on collision course with the judiciary.

“It is essential for the rule of law and the independence of the judiciary that the executive and legislature respect the judgments of the courts of the land,” it said.

The Centre for Policy Alternatives (CPA), a Colombo-based non-governmental organisation, noted that the President is “duty bound” to uphold the Constitution.

“Wilful violation of the Constitution, including by refusing to do what the Constitution requires him to do, is a ground on which a President can be impeached,” it said in a statement. Contrary to claims made by sections, the SC’s interim order had “no impact” on the conduct of Sri Lanka’s presidential elections scheduled for September 21, 2024, the CPA noted. “While the order leaves it open to the President to make a suitable acting appointment to the post, in the event he does not, the Election Commission could, as per the Constitution, give necessary orders to the hierarchy of the Sri Lanka Police to perform functions relating to the election,” it said.

President of Sri Lanka Ranil Wickremesinghe.
| Photo Credit: PTI

Sri Lankan President Ranil Wickremesinghe will contest the Presidential election as an independent candidate, his aide said on July 7.

Deputy Chairman of the United National Party Ruwan Wijewardene confirmed that the presidential election will definitely be held and Mr. Wickremesinghe, 75, will contest the election as an independent candidate, News 1st reported.

“Only one leader possesses the knowledge to solve Sri Lanka’s economic crisis. That is Ranil Wickremesinghe. He has proved it with his actions,” he was quoted as saying by the news portal.

On July 7, Election Commission Chairman R.M.A.L. Ratnayake said the electoral body would be legally empowered after July 17 to announce the date for the election.

Mr. Ratnayake added that the commission will announce the date for the next presidential poll before the end of this month.

The Election Commission in May said the presidential election would be conducted between September 17 and October 16.

Mr. Ratnayake said the commission is currently in the process of putting final touches to the 2024 electoral register which will be the basis for the election. Over 17 million would be eligible to vote in the election as per the revised list, officials said.

In April 2022, the island nation declared its first-ever sovereign default since gaining Independence from Britain in 1948. The unprecedented financial crisis led President Gotabaya Rajapaksa to quit office in 2022 amid civil unrest over his inability to handle the crisis.

In July 2022, Mr. Wickremesinghe was elected through parliament to become stop-gap President for the balance term of Mr. Rajapaksa.

Mr. Wickremesinghe, also the Finance Minister, hasn’t made any public statement on his bid for re-election.

“This election isn’t merely about selecting individuals but about choosing the most effective system for our country’s progress. If you believe in the merits of the current approach, let us proceed accordingly,” the President’s Media Division quoted him as saying earlier.

The government under Mr. Wickremesinghe has set in place hard economic reforms as dictated by the International Monetary Fund (IMF) programme.

President Wickremesinghe last month said that his government has finalised a long-delayed debt restructuring agreement for $5.8 billion with its bilateral lenders, including India and China, in Paris to meet a key condition of an IMF bailout.

Sri Lanka State Minister of Finance Asanka Shehan Semasinghe.
| Photo Credit: EMMANUAL YOGINI

Sri Lanka has reached a debt restructuring deal with the international sovereign bondholders after protracted negotiations, state Finance Minister Shehan Semasingher said on July 4, calling it a “crucial step” in the cash-strapped country’s efforts to restore debt sustainability.

In a statement, State Minister of Finance Mr. Semasinghe said that an agreement on restructuring terms was reached on July 3, completing Sri Lanka’s debt restructuring process.

“ISBs (International Sovereign Bonds) account for $12.5 billion out of the total external debt of $37 billion. This agreement is a crucial step in our efforts to restore debt sustainability,” Mr. Semasinghe said.

He added that the agreement with private bondholders was subject to the approval by the official creditor committee of nations, including India.

“This marks another key milestone in our journey towards economic revival and strengthening,” he said.

Officials said the expected haircut agreed upon would amount to 28%, with an upfront payment to ISB holders commencing from September this year.

Officials said this completes Sri Lanka’s debt restructuring process, which came as a prerequisite for debt sustainability in the ongoing International Monetary Fund (IMF) bailout of $2.9 billion extended in March 2023 over a period of four years.

It follows the finalisation of debt restructuring agreements with bilateral lenders, including India and China, in Paris on June 26, which President Ranil Wickremesinghe described as a “significant milestone” for bolstering international trust in the debt-ridden economy.

Sri Lanka declared its first-ever sovereign default in mid-April 2022, having run out of its foreign exchange reserves. The halt to the debt services meant that the multilateral creditor nations and commercial lenders could not extend fresh financing to the country.

The government faced criticism from the main Opposition after last week’s announcement on bilateral debt restructuring, who claimed that the government had failed to achieve the best solution for the country.

Dismissing the Opposition’s criticism of debt restructuring as “inaccurate,” President Wickremesinghe, also the finance minister, said, “No bilateral creditor would agree to a reduction of principal amount. Instead, concessions are allowed through extended repayment periods, grace periods and lower interest rates.” A two-day parliamentary debate was postponed as the Opposition demanded agreements to be furnished.

Mr. Wickremesinghe said he would submit all agreements and documents regarding debt restructuring to a Parliament committee upon reaching a deal with the private bondholders.

A man walks past posters which said ‘good news’ in Colombo on June 25, 2024, as President Ranil Wickremesinghe is expected to announce a debt restructuring deal with bilateral lenders after a sovereign default in April 2022.
| Photo Credit: AFP

Sri Lanka’s government said on June 26 it has finalised a long-delayed debt restructuring agreement for $5.8 billion with its bilateral lenders, including India and China, in Paris to meet a key condition of an IMF bailout.

This was announced by President Ranil Wickremesinghe’s office, which said the agreement grants significant debt relief allowing Sri Lanka to allocate funds to essential public services and secure concessional financing for its development needs.

‘An end to bankruptcy’

“Sri Lanka reached a final restructuring agreement for $5.8 billion with its bilateral lenders’ official creditor committee in Paris,” the President’s office said in a statement.

The statement came ahead of a televised address to the nation later tonight by Mr. Wickremesinghe, who has steered the effort to take the island out of the economic crisis since Sri Lanka declared its first-ever sovereign default in 2022.

Mr. Wickremesinghe, who also holds the portfolio as the finance minister, is expected to contest the presidential election in the coming months.

It is understood that Mr. Wickremesinghe, 75, will ‘declare an end to bankruptcy’ following the agreement reached with bilateral creditors and private bondholders on external debt restructuring.

State Finance Minister Shehan Semasinghe announced that the Sri Lankan authorities are also in the process of signing bilateral debt treatment agreements between Sri Lanka and the Export-Import Bank of China.

“On behalf of Sri Lanka, I would like to sincerely thank the OCC chairs — France, India, and Japan — as well as the Export-Import Bank of China for their leadership in this process, as well as all OCC members for their unwavering support,” he said.

He also commended the OCC Secretariat for their dedication to resolving the debt crisis and noted that achieving this significant milestone would enhance confidence in Sri Lanka’s economy and foster growth.

The debt restructuring deal

This agreement means that half of the government’s external debt by creditor countries and organisations has been restructured. The details of the restructuring are yet to be announced.

According to the Treasury figures, as of the end of March 2024, the debt stock outstanding remained at $10,588.6 million.

The official creditor committee comprised the Paris Club of Nations — Japan, the UK, and the U.S. — while the non-Paris Club nations were China, India and the rest.

The government officials said a special session of Parliament is to be convened on July 2 ahead of its scheduled July 8 date to discuss the deal.

Speaker Mahinda Yapa Abeywardena has issued a special gazette convening parliament on July 2 at the request of Prime Minister Dinesh Gunawardena.

Having sealed the deal with the bilateral creditors the Government was to have another round of talks starting this week with private creditors and the international sovereign bondholders for restructuring.

By March 2024, the outstanding commercial loan stock was $14,735.9 million.

Waiting for the ‘good news’

Earlier this week, posters appeared on the city walls captioned “good news” which appears to be part of the political campaign on the success of the debt restructuring effort which took so long to achieve.

Sri Lanka in mid-April of 2022 declared its only sovereign default since gaining independence in 1948.

The International Monetary Fund had made external debt restructuring conditional to the $2.9 billion bailout, the third tranche of which came to be released last week.

Mr. Wickremesinghe supervised the IMF programme while setting in motion hard economic reforms prescribed by the world lender. On June 23, he made his first public statement on the presidential election, which is likely to take place in the last quarter of this year.

Addressing a group of youth, he said that the election could take place either in September or October.

Mr. Wickremesinghe is yet to announce his candidacy, while two other main opposition leaders have already declared their candidacy. In July 2022, he was elected through parliament to become stop-gap president for the balance term of Gotabaya Rajapaksa who resigned following public protests over his inability to handle the economic crisis.

Sri Lankan President Ranil Wickremesinghe. File
| Photo Credit: AP

President Ranil Wickremesinghe on Wednesday said Sri Lanka needs to connect with neighbouring India to reap the benefits of its massive industrial development.

“Our neighbour India is going through a phase of massive industrial development. Tamil Nadu, Telangana and Andhra Pradesh are experiencing it. We must also join in,” said Mr. Wickremesinghe in his address at the Industry 2024 event in Colombo.

The president said he was hopeful of discussing with External Affairs Minister Dr. S. Jaishankar, who is due to arrive in Colombo on Thursday, about the follow-up on his interaction with Prime Minister Narendra Modi during his visit to India.

“Usage of solar and wind powers and to obtain liquid hydrogen are areas where we hope to work in collaboration with India,” Mr. Wickremesinghe, also the finance minister, said, adding that Adani projects in Sri Lanka have pioneered these efforts.

Sri Lanka in the second quarter of 2022 had declared bankruptcy announcing the island’s first ever sovereign default.

Negotiations with the International Monetary Fund for a bailout began almost immediately and the first tranche of the $2.9 billion facility was released in March 2023.

The cash-strapped country has introduced a set of hard reforms to address its economic woes.

Despite the outstanding issue of debt restructuring, three tranches worth $1 billion of the $2.9 billion bail-out have been materialised subject to reforms.

Mr. Wickremesinghe said that by ongoing debt restructuring negotiations, the government was hoping to get time until 2042 to repay.

He said it was important for Sri Lanka to convert into becoming an export-oriented economy from the current import-oriented one.

“Since we are an import-oriented economy, we have to find money to import. To become an export-oriented economy, we have to be competitive with our industries to become a production economy,” the president said.

The IMF while commending Sri Lanka’s recovery efforts said the island nation’s economy is far from being safe unless persisted with hard reforms needed.

Sri Lankan President Ranil Wickremesinghe. File
| Photo Credit: AP

Sri Lankan President Ranil Wickremesinghe said on Sunday that the feasibility study on a proposal to establish land connectivity with India is in its final stages.

Mr. Wickremesinghe, who was travelling in the northeastern district of Mannar to inspect the development work in the region, said that the preliminary work of the feasibility study was over and the final phase would be completed soon.

This proposal and the prospect of a power grid connection between the two nations are likely to be discussed during the visit of External Affairs Minister S. Jaishankar to Lanka this week.

Mr. Wickremesinghe said a commercial venture to sell the excess renewable energy to India would also be discussed during the minister’s visit.

On Saturday, the Lankan foreign ministry here announced that Jaishankar would arrive in Colombo on June 20.

However, there was no official announcement on Jaishankar’s visit from India’s Ministry of External Affairs.

If confirmed, this could be Jaishankar’s first official stand-alone visit abroad after he was appointed India’s External Affairs Minister in the new government early this month.

Officials here confirmed that all Indian projects in Sri Lanka, including the Adani group’s wind power project in Mannar and the creation of an industrial zone in the eastern port district of Trincomalee, would be discussed during the visit.

Fisheries Minister Douglas Devananda has been quoted as saying in the local media that Sri Lanka would raise the contentious issue of illegal fishing in Sri Lankan waters by Indian fishing, including bottom trawling.

The Palk Strait, a narrow strip of water separating Tamil Nadu from Sri Lanka, is a rich fishing ground for fishermen from both countries.

Fishermen from both countries are arrested frequently for inadvertently trespassing into each other’s waters.

File picture of Sri Lankan President Ranil Wickremesinghe
| Photo Credit: AP

Sri Lanka will hold presidential election between September 17 and October 16, the country’s top electoral body announced on Thursday.

In a notice signed by its chairman R.M.A.L. Ratnayake, the Election Commission said it will call for nominations to hold the Presidential election within the specified timeframe in terms of the provisions of the Constitution, according to local media reports.

It said that the presidential election will be held on a day between September 17 and October 16.

President Ranil Wickremesinghe is expected to contest the presidential election under a new symbol, his top aide said last month.

In May 2022, Mr. Wickremesinghe replaced Mahinda Rajapaksa as prime minister following anti-government protests over the unprecedented economic crisis in the island nation. Two months later, he replaced Gotabaya Rajapaksa as the President to serve the balance term until the end of 2024.

Mr. Wickremesinghe, 75, will represent several parties as a national candidate, Senior Presidential Advisor and UNP senior leader Ashu Marasinghe said last month.

The veteran politician has led the United National Party (UNP) since 1994. He has served as prime minister on five occasions, leading six governments.

President Wickremesinghe may have a face-up with his cabinet colleague Wijeyadasa Rajapakshe, who is currently serving as the Minister of Justice.

Former president Maithripala Sirisena, the chairman of Sri Lanka Freedom Party (SLFP), recently said that Rajapakshe, 65, would be his party’s candidate in the presidential election.