Anura Kumara Dissanayake vows transformation as Sri Lanka’s new president

Sri Lanka has welcomed its new president, Anura Kumara Dissanayake, a leftist leader who assumed office on Monday. Dissanayake has pledged to change a nation historically dominated by influential political families as it begins to recover from its most severe economic crisis in over seventy years.

In a significant electoral move, millions of Sri Lankans voted for the opposition parliamentarian, expressing confidence in his commitment to combat corruption and his promise to strengthen the nation’s economic recovery.

“I pledge … to demonstrate dedication to protecting and upholding democracy,” Dissanayake, 55, stated during his inauguration remarks at the president’s office, acknowledging the challenging circumstances under which he is assuming office.

“There is a pressing need for cleaner politics, and the public has demanded a shift in our political culture,” he stated. “I am prepared to embrace that change.”

Outside, a crowd of supporters displayed posters featuring his image. In contrast, others waved the Sri Lankan flag and chanted “AKD,” the initials of the newly elected president, who has succeeded the long-serving politician Ranil Wickremesinghe.

“I’m thrilled,” stated beautician Iroma Nilanthi Liyanage, noting that Dissanayake instilled a sense of hope among supporters. Our team put in tremendous effort to achieve this victory.” For the first time, the underprivileged have a representative advocating for them.

Among the challenges ahead for him is the establishment of a new cabinet and the need to persuade parliament, where his party holds a mere three out of 225 seats, to approve a budget by the conditions of a $2.9-billion bailout from the International Monetary Fund (IMF).

In a significant political move, Prime Minister Dinesh Gunawardena stepped down before Monday’s swearing-in ceremony, paving the way for the incoming prime minister and his cabinet.

Gunawardena, 75, assumed the role of prime minister in July 2022 following the departure of former president Gotabaya Rajapaksa, who fled the Indian Ocean nation and resigned in the wake of widespread protests triggered by a crisis that led to shortages of essential goods and a debt default.

Dissanayake was announced as the new president late on Sunday, replacing Wickremesinghe, who was appointed by parliament to complete Rajapaksa’s remaining term.

Sri Lanka’s sovereign dollar bonds declined 2.88 to 3.28 cents on the dollar during early Monday trading, with bids ranging from 49.14 to 49.77 cents.

Investors are mounting concerns regarding Dissanayake’s Marxist-leaning approach, particularly his intention to reassess the nation’s IMF bailout conditions. This move could postpone future disbursements and raise the possibility of renegotiating a recently finalized debt agreement with bondholders.

India, Pakistan, and the Maldives, Sri Lanka’s neighboring countries, congratulated Dissanayake following his victory, alongside China, the most significant bilateral creditor.

Share on facebook
Facebook
Share on whatsapp
WhatsApp
Share on twitter
Twitter
Share on linkedin
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *