At the recent “Republic Discourse” event, former Minister Patali Champika Ranawaka of the United Republic Front sharply criticized the National People’s Power (NPP) government, raising concerns over its economic strategy and lack of progress toward promised reforms. Ranawaka argued that Sri Lanka’s current leadership lacks adequate economic understanding, noting that officials “send politicians to the shop” without equipping them to address the real challenges, such as the nation’s massive debt.
Ranawaka highlighted that Sri Lanka’s bilateral foreign debt reached nearly $28 billion by 2022, with an additional $11 billion owed to multilateral lenders like the World Bank and IMF. Following the April 2022 bankruptcy declaration, unpaid debt and interest exceeded $8 billion, pushing the country further into a debt spiral. Although the NPF had pledged to renegotiate agreements with the IMF, Ranawaka claimed the government has instead upheld the previous administration’s policies, a move he believes falls short of public expectations for economic and political change.
The IMF has set ambitious targets for debt reduction, including decreasing Sri Lanka’s debt-to-GDP ratio from 128% to 95% by 2032, which Ranawaka considers critical yet challenging. He also questioned the administration’s commitment to making meaningful changes, especially as the government’s initial moves seem to include limiting trade unions and imposing policies that mirror those of previous administrations.
United Republic Front Chair Karu Paranavithana echoed concerns over the government’s initial approach, suggesting that recent policies signal a shift away from the reformative agenda that voters anticipated. He argued that Sri Lanka’s immediate focus should be on cleaning up politics to regain public trust and set a foundation for future economic stability.
