Lanka’s rescuer wickremesinghe is unpopular old guard but he may also be best choice for bailout negotiations

Lanka’s rescuer wickremesinghe is unpopular old guard but he may also be best choice for bailout negotiations

Many Sri Lankans are thoroughly underwhelmed that Sri Lanka’s parliament chose Ranil Wickremesinghe as the new President. Protesters over the last few weeks had wanted Wickremesinghe to step down as PM and didn’t want him to secure the presidency. Even politically he’s weak, having led his party, UNP, to precisely one seat in 2020 parliamentary elections. He himself only managed to enter parliament through the national list. Therefore, even cooler-headed commentators contend he simply doesn’t have the people’s mandate to assume the presidency. Protesters who drove the Rajapaksas out of power aimed to usher in wholesale systemic change, including a new Constitution. For them Wickremesinghe, who has been in politics for well over four decades, represents the old guard guilty of bankrupting the country. How this plays out will determine the fate of this presidency. If protests erupt and if army/police action leads to further heightening of popular anger, the island nation may head for another, and even more dangerous period of instability.

If that doesn’t happen or the new president rides out a fresh round of protests, Wickremesinghe’s administrative and diplomatic experience will come in handy. His time in public office has seen him getting well-acquainted with foreign governments and international institutions. Given that Sri Lanka needs help from these entities to start tackling its acute economic crisis, he’s a good bet as a rescue negotiator. After he was appointed PM in May, when Mahinda Rajapaksa stepped down, there have been some signs of economic relief. Rolling power cuts have reduced in duration, farmers have received fertilisers and there have been improvements in gas supply. Of course, there is still a long way to go to restore normalcy.

Wickremesinghe’s first job will be to quickly form a cabinet and conclude bailout talks with IMF. But he must also work to win over the trust of protesters and set the ball rolling on constitutional reforms, including devolving powers of the presidency as a first step. India, which has stood by Sri Lanka through this crisis and emerged as its chief lender, should provide full support to Wickremesinghe. New Delhi’s strategic interests demand this.