Sri Lanka’s new Marxist-leaning president has sworn in a 21-member Cabinet after his party secured a two-thirds parliamentary majority in last week's election. The margin of victory will allow President Anura Kumara Dissanayake to make sweeping reforms, including a campaign promise of a new constitution, without needing support from other parties.
Sri Lanka n President Anura Kumara Dissanayake shows his finger as he leaves after casting his vote during the parliamentary election in Colombo, Sri Lanka , Thursday, Nov. 14, 2024. Sri Lanka n President Anura Kumara Dissanayake , center, leaves after casting his vote during the parliamentary election in Colombo, Sri Lanka , Thursday, Nov. 14, 2024.
Sri Lanka is in the middle of a bailout program with the International Monetary Fund, with debt restructuring with international creditors nearly complete.to the targets set in the IMF deal signed by his predecessor, Ranil Wickremesinghe, saying it placed too much burden on the people. However, he has since said Sri Lanka will go along with the agreement.
The government also slashed taxes in 2019, depleting the treasury just as the virus hit. Foreign exchange reserves plummeted, leaving Sri Lanka unable to pay for imports or defend its currency, the rupee. The economy was stabilized, inflation dropped, the rupee strengthened and foreign reserves increased under Wickremesinghe. Nonetheless, he lost the election as public dissatisfaction grew over the government’s effort to increase revenue by raising electricity bills and imposing heavy new income taxes on professionals and businesses as part of the government’s efforts to meet the IMF conditions.
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