ASIA/SRI LANKA - President Dissanayake's coalition wins majority in Parliament: economic recovery on the agenda

Thursday, 21 November 2024 economy politics elections

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Colombo (Agenzia Fides) - Sri Lanka has opened a new chapter and once again entrusted the country's destiny to President Anura Kumara Dissanayake, elected last September. The recent parliamentary elections confirmed the victory of the socialist coalition "National People's Power" (NPP), which won over 70% of the seats. In the election held on November 14, the coalition won 159 seats in the 225-member parliament, more than the two-thirds majority required for Constitutional reform that Dissanayake had promised in his election campaign. The parliamentary elections, called by President Dissanayake himself after his victory in the presidential elections in September, confirmed popular support for Dissanayake, who was also supported by the "Aragalaya" protest movement that emerged in recent years against the establishment and its economic policies.
The country is still grappling with a social and economic crisis and is waiting for the International Monetary Fund, which has come to the country's aid with a loan line totaling $2.9 billion, to give the green light to disburse another tranche of around $337 million. President Dissanayake plans to reach bilateral agreements with individual creditors such as Japan, China and India as part of his plans to restructure the $12.5 billion debt.
"We need to get the economy back on a stable path," he said. To achieve this, the president chose a woman: Harini Amarasuriya was appointed Prime Minister of Sri Lanka and heads a 21-member government. The election of a woman to the office of Prime Minister reminded observers of the "female" leadership tradition in Sri Lanka, such as former President Chandrika Kumaratunga (who ruled Sri Lanka from 1994 to 2005).
To lead the recovery, the new government is counting on two key factors of the Sri Lankan economy: tourism and migrant remittances.
The government's agenda, according to Dissanayake's political program, also includes the fight against corruption, reducing taxes for the less well-off and strengthening social measures, adopting the approach of greater state intervention in strategic economic sectors. (PA) (Agenzia Fides, 21/11/2024)