Sri Lanka’s newly elected President Anura Kumara Dissanayake has taken a bold step by dissolving the nation’s parliament and calling for early elections, a move he frames as crucial for combating corruption and renegotiating the country’s $3 billion bailout from the International Monetary Fund (IMF).
In a special gazette issued Tuesday, Dissanayake ordered parliamentary elections to be held on November 14, with the new legislature set to convene on November 21, reports Reuters. This decision comes just days after his stunning victory in the presidential race on September 21, where he secured 5.74 million votes in the country’s first-ever runoff election.
Dissanayake, 55, popularly known as AKD, is a leftist political outsider who leads the National People’s Power (NPP), a coalition of leftist parties backed by protesters who ousted former President Gotabaya Rajapaksa in 2022. His election represents a significant rebuke to Sri Lanka’s political elite, whom voters blame for the country’s recent economic crisis.
Bid for a stronger mandate
The dissolution of parliament is seen as a strategic move by Dissanayake, whose coalition currently holds just three seats in the 225-member legislature. By calling for fresh elections, he aims to secure a stronger mandate for his policies and proposed reforms.
In his first days in office, Dissanayake has already made significant changes to the government. He appointed Harini Amarasuriya as the new Prime Minister and formed a three-member cabinet. The president has pledged to bring change for those affected by austerity measures linked to the IMF bailout program and expand existing welfare schemes.
However, Dissanayake’s plans have not been met with universal approval. Investors have expressed concern over his intentions to slash taxes and revisit the terms of the IMF bailout, fearing delays in the crucial $25 billion debt restructuring process. These concerns highlight the delicate balance the new president must strike between fulfilling campaign promises and maintaining economic stability.
The new president faces significant challenges as he takes office. He must work to ensure the economy returns to sustainable and inclusive growth, a task made more difficult by the recent financial crisis. Dissanayake will need to reassure both local and international markets while also attracting new investors to boost the economy. Perhaps most pressingly, he must address the widespread poverty affecting a quarter of Sri Lanka’s 22 million population.
President’s party’s violent Marxist past
Dissanayake’s political background adds another layer of complexity to his presidency. He leads a party once known for violent Marxist uprisings in the 1970s and 1980s but has since renounced those tactics. The incoming president has positioned himself as a center-left figure, seeking to distance himself from the party’s radical past while still appealing to voters frustrated with the political establishment.
In his inaugural speech, Dissanayake committed to democracy during his five-year term, stating, “We have got a very challenging country. Our policies have to be clearer. People expect a cleaner culture. We are ready to commit to that.” This statement reflects his awareness of the high expectations placed upon his administration and his desire to bring about meaningful change.
As Sri Lanka emerges from a crushing financial crisis that left it unable to pay for essential imports in 2022, all eyes are now on Dissanayake and the upcoming elections to steer the country out of the current economic malaise. The results of these elections will be crucial in determining how the country navigates its economic recovery and implements political reforms. With the dissolution of parliament and the call for early elections, Dissanayake has set the stage for a potentially transformative period in Sri Lankan politics, one that could reshape the country’s economic and political landscape for years to come.