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Hero of the Hour

As Sri Lanka continues on its path to recovery, President Ranil Wickremesinghe’s leadership stands as a testament to the power of bold and thoughtful governance.

By Sara Danial | June 2024

Sri Lanka, a nation once teetering on the brink of economic collapse, has seen a remarkable turnaround under the leadership of President Ranil Wickremesinghe. This transformation, characterized by stringent economic reforms and painful adjustments, wouldn’t have been possible without Wickremesinghe’s bold and decisive leadership. When other political figures hesitated to take the reins, fearing the political backlash of necessary but unpopular measures, Wickremesinghe stepped up. His approach to leadership and his ability to stabilize and revitalize an ailing economy offer valuable lessons in political courage and strategic governance.

By the time Wickremesinghe took office, Sri Lanka’s economy was in freefall. The nation faced soaring inflation, a crippling foreign exchange crisis, and a debt burden that seemed insurmountable. Essential commodities were scarce, and public discontent was at an all-time high. It was evident that immediate and profound economic reforms were needed. However, these reforms, supported by the International Monetary Fund (IMF), involved measures that were bound to be politically costly, increased taxes, a market-determined exchange rate, and the privatization of state-owned enterprises (SOEs).

Wickremesinghe’s Political Courage

One of the most striking aspects of Wickremesinghe’s leadership is his willingness to embrace these reforms despite their potential to erode his political capital. Many leaders might have balked at imposing higher taxes on an already burdened populace or relinquishing control over critical state assets. Wickremesinghe, however, recognized that the economy’s long-term health depended on these tough decisions. He prioritized the nation’s economic stability over short-term political gains, which required immense political courage.

Wickremesinghe’s strategic vision was pivotal in steering Sri Lanka through its economic turmoil. His approach was multifaceted, addressing immediate crises while laying the groundwork for sustainable growth. One of his first significant steps was negotiating a bailout package with the IMF. This provided much-needed financial relief and signaled to international markets that Sri Lanka was committed to reform.


Implementing a market-determined exchange rate was another critical move. While initially painful, this policy helped to stabilize the currency and attract foreign investment. It demonstrated Wickremesinghe’s understanding of market dynamics and willingness to endure short-term pain for long-term gain.

The Challenge of Privatizing State-Owned Enterprises
Privatizing state-owned enterprises was perhaps the most controversial aspect of Wickremesinghe’s reform agenda. SOEs had long been a drain on public finances but were also major employers and symbols of national pride. Wickremesinghe’s administration approached privatization carefully, aiming to reduce the fiscal burden while minimizing social disruption. By involving stakeholders in the process and ensuring transparency, he mitigated some backlash and highlighted the benefits of a more efficient and competitive market environment.

A key element of Wickremesinghe’s leadership style is his ability to build consensus and manage public sentiment. He understood that reforms needed broad-based support to be successful. Through extensive communication campaigns, he explained the necessity and benefits of the reforms to the public. This transparency helped to build trust and foster a sense of shared purpose.

Additionally, Wickremesinghe sought to engage with various political factions, business leaders, and civil society groups. By fostering dialogue and collaboration, he navigated the complex political landscape and secured the support needed to implement his policies. His inclusive approach ensured that even those initially skeptical were given a voice in the reform process.

Wickremesinghe’s leadership style can be described as both decisive and empathetic. He made tough decisions when needed, but he also demonstrated a deep understanding of the struggles faced by ordinary Sri Lankans. This empathy was crucial in maintaining social cohesion during significant upheaval. By addressing the population’s immediate needs, such as ensuring the availability of essential goods and services, he alleviated some of the hardships caused by the reforms.

The Path to Sustainable Growth
Under Wickremesinghe’s leadership, Sri Lanka has made significant strides in economic stability and growth. The reforms, though challenging, have laid the foundation for a more resilient and dynamic economy. Foreign investors have begun to return, attracted by the country’s commitment to market principles and fiscal responsibility. Moreover, the improved economic environment has created new opportunities for businesses and entrepreneurs, setting the stage for sustainable development.

President Ranil Wickremesinghe’s tenure has been marked by a remarkable economic turnaround that few could have anticipated. His leadership, characterized by political courage, strategic vision, and an inclusive approach, has steered Sri Lanka through one of its most challenging periods. By prioritizing long-term stability over short-term political gains, Wickremesinghe has stabilized the economy and set a precedent for future leaders. His ability to balance decisiveness with empathy has been instrumental in navigating the complex landscape of economic reform. As Sri Lanka continues on its path to recovery, Wickremesinghe’s leadership stands as a testament to the power of bold and thoughtful governance.

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