COLOMBO – Sri Lanka’s leftist president, Anura Kumara Dissanayake, marked the country’s Independence Day on Feb 4 with a strong pledge to rebuild its global reputation and eliminate corruption.
Breaking from tradition, Dissanayake scrapped the extravagant military celebrations that typically feature fighter jet flyovers and ceremonial parades. Instead, his government opted for a modest military procession, aligning with his commitment to curb excessive state spending.
“We are determined to reshape Sri Lanka’s international image, moving away from its history of corrupt governance,” the president declared in a national address.
A major milestone in Sri Lanka’s recovery came in late 2024, when the government finalized a long-overdue debt restructuring deal with both bilateral and private creditors, effectively lifting the country out of bankruptcy.
Sri Lanka defaulted on its external debt of US$46 billion (S$62.6 billion) in April 2022, after depleting foreign reserves and failing to finance critical imports such as food, fuel, and medicine. The severe economic crisis triggered mass protests, eventually leading to the resignation of then-President Gotabaya Rajapaksa.
His successor, Ranil Wickremesinghe, secured a US$2.9 billion bailout from the International Monetary Fund (IMF), implementing strict austerity measures to stabilize the economy. Dissanayake, who defeated Wickremesinghe in the September 2024 elections, has pledged to uphold these economic reforms while continuing Sri Lanka’s four-year IMF bailout programme.
“Over the past four months, we have laid the groundwork for a stable economy and a new political culture,” Dissanayake stated.
As Sri Lanka works to rebuild its financial stability and global standing, the president’s administration is focused on rooting out corruption, maintaining economic discipline, and fostering transparency—signaling a new chapter for the nation’s governance.