Much to the dismay of the Sri Lankan people, Ranil Wickremesinghe has been elected as the new president of Sri Lanka. Having an old political lineage, Wickremesinghe has gained a reputation for being a shrewd politician and a close confidante of the recently ousted Gotabaya Rajapaksa. Accordingly, hopes that the new president will uplift the country from a crippling economic crisis and uphold principles of accountability have been dampened. Fierce protests are expected by a disappointed population.
There is a lot that Pakistan can learn from the situation in Sri Lanka. A worsening economic environment disillusioned and deprived the public to such a degree that they stormed the presidential house, forcing Rajapaksa to flee the country. Such an extreme step was taken after months of suffering from severe fuel shortages, lack of food and medical supplies and barely any foreign reserves to support the imports needed. We are experiencing a similar phenomenon of severe debt, high inflation, reliance on imports, widening balance of payments and rising unemployment. Our economy is a ticking time bomb, much like Sri Lanka’s, and time is the only thing stopping us from following the same trajectory.
On multiple occasions, our politicians have cited Sri Lanka as the worst-case scenario but we must really question whether Pakistan is all that different. New president Wickremesinghe rose to office after his predecessor failed to comply with promises of resigning. But he has been linked to a bank bond scam and is expected to preserve the system of executive presidency—allowing him to retain his powers—that the people want to change immediately. Our politicians are cut from the same cloth and currently, it is unclear whether they will be able to cooperate to avoid such a crisis in the country. Relationships are marred with differences, rivalries and petty problems that must be put aside when attempting to resolve a national economic crisis.
In the midst of this darkness, there is light in the fact that Pakistan is still a few steps away from the kind of chaos seen in Sri Lanka. Provided that our leaders are able to work in a concerted manner, timely measures can ensure that we get through this crisis. An economic shift is needed and with new policies tailored to fulfilling requirements that restore investor confidence in the country, there is hope. Keeping in mind that the Sri Lankan reality is one that could easily befall Pakistan should be enough to keep everyone on their feet.
There is a lot that Pakistan can learn from the situation in Sri Lanka. A worsening economic environment disillusioned and deprived the public to such a degree that they stormed the presidential house, forcing Rajapaksa to flee the country. Such an extreme step was taken after months of suffering from severe fuel shortages, lack of food and medical supplies and barely any foreign reserves to support the imports needed. We are experiencing a similar phenomenon of severe debt, high inflation, reliance on imports, widening balance of payments and rising unemployment. Our economy is a ticking time bomb, much like Sri Lanka’s, and time is the only thing stopping us from following the same trajectory.
On multiple occasions, our politicians have cited Sri Lanka as the worst-case scenario but we must really question whether Pakistan is all that different. New president Wickremesinghe rose to office after his predecessor failed to comply with promises of resigning. But he has been linked to a bank bond scam and is expected to preserve the system of executive presidency—allowing him to retain his powers—that the people want to change immediately. Our politicians are cut from the same cloth and currently, it is unclear whether they will be able to cooperate to avoid such a crisis in the country. Relationships are marred with differences, rivalries and petty problems that must be put aside when attempting to resolve a national economic crisis.
In the midst of this darkness, there is light in the fact that Pakistan is still a few steps away from the kind of chaos seen in Sri Lanka. Provided that our leaders are able to work in a concerted manner, timely measures can ensure that we get through this crisis. An economic shift is needed and with new policies tailored to fulfilling requirements that restore investor confidence in the country, there is hope. Keeping in mind that the Sri Lankan reality is one that could easily befall Pakistan should be enough to keep everyone on their feet.
