THE ECONOMIC HELMSMAN WHO STEERED THROUGH CRISIS

With Sri Lanka's economy collapsing under Gotabaya Rajapaksa in 2022, the country faced unprecedented hardship, threatening society | The Former President, Ranil Wickremesinghe, utilised the experience that he had assimilated throughout his extensive political career, with invaluable insights into crisis management and debt restructuring | Leaders from opposition political camps recognise why Ranil's policies are important and do not try to stray away from them, which, if done, can lead to dangerous consequences.

- K.K.S. PERERA

In the annals of Sri Lankan political history, few leaders have faced the daunting challenge of navigating a nation through complete economic collapse. Former President Ranil Wickremesinghe stands as a unique figure who has twice assumed the monumental responsibility of rescuing Sri Lanka from its worst economic crises-first in 2001 when the economy dropped below zero under CBK, and again in 2022 under Gotabaya. Despite holding just one parliamentary seat during the latter crisis, Wickremesinghe demonstrated the rare combination of expertise and courage required to pull a nation back from the brink of economic catastrophe.

Ranil's early experience provided him with invaluable insights into crisis management and debt restructuring.

The lessons learned during the 2021 period would prove instrumental two decades later when Sri Lanka faced an even more severe economic meltdown.

When Sri Lanka's economy imploded under the Gotabaya Rajapaksa administration in 2022, the country was plunged into unprecedented hardship that threatened the very fabric of society. Citizens endured hours-long queues for fuel and cooking gas, transforming daily life into a constant struggle for basic necessities. Entire neighbourhoods remained without electricity for up to eleven hours daily, crippling businesses and disrupting education. Ships laden with essential goods sat idle at Colombo harbour, unable to unload their cargo due to an acute shortage of foreign currency that had brought international trade to a virtual standstill.

The crisis had reached such severity that many political leaders hesitated to take responsibility, recognising the enormous challenges that lay ahead. It was during this zenith of economic collapse that Wickremesinghe stepped forward to shoulder the burden of national recovery for the second time in his career, demonstrating the kind of political courage that separates true statesmanship from ordinary politics.