As Sri Lanka defaults for the first time, what’s next for the Rajapaksa family?

The clan that has dominated politics for some two decades has fallen from grace, with Mahinda replaced as PM and his president brother facing calls to resign

As new PM Ranil Wickremesinghe seeks to restore short-term stability, analysts say a political overhaul and fresh general election are needed to steer the country back to normalcy

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Sri Lankan protesters wear masks of president Gotabaya Rajapaksa’s family members during a march demanding Gotabaya resign. File photo: AP

Published: 2:00pm, 22 May 2022

The continuing crisis at the heart of Sri Lanka’s elite politics may seem a sideshow compared to the grave reality ordinary citizens are facing with a lack of petrol, medicines and essential items amid the country’s economic meltdown.

Nonetheless, restoring political stability in the medium term is key for the island nation to pull itself of its current mess, political observers say.

While short-term deal making – which has seen the reappointment of five-times former Prime Minister Ranil Wickremesinghe – may pause political turbulence, public sentiment remains tense.

Given the national mood, political economist Ahilan Kadirgamar from the University of Jaffna said a restructuring of the political system may be needed to ensure the country was not afflicted by “a revolving door of governments” in the midst of the crisis.

For months now, the country has been reeling from a national debt crisis that this week culminated in its first default in history. Its total foreign debt stands at US$51 billion, and Wickremesinghe this week said the treasury was struggling to source even $1 million – a state of affairs that has limited imports.