With the president fleeing and an IMF bailout likely, the country desperately needs stability
The images coming from Sri Lanka are extraordinary: protesters are wrestling on the president’s bed, cooking on his sprawling lawns and swimming in his pool. This public outrage is all aimed squarely at President Gotabaya Rajapaksa, whose administration has left Sri Lanka begging for a cash bailout from the International Monetary Fund after defaulting on foreign debt for the first time since it became independent from British colonial rule in 1948.
Rajapaksa fled the country on Tuesday, and the prime minister, Ranil Wickremesinghe, has declared a state of emergency. Thousands of protesters remain in the streets and occupy several government offices, demanding that both leaders step down. Speculation is rife as to whether Rajapaksa is planning a military coup or an aggressive crackdown on the peaceful protesters. He faces war crimes allegations in addition to charges of presiding over gross economic and political mismanagement, which ultimately bankrupted the country of 22 million people.
There is a big question mark over what happens next in Sri Lanka. Discussions on who would succeed the president are afoot, with the Speaker of parliament being considered the likely candidate. There is no doubt that a democratically elected political leadership is needed to restore some stability, but before that happens, the opposition needs to secure an agreement between parliamentary parties for a transitional plan.
Charu Lata Hogg is an associate fellow with the Asia Pacific Programme at Chatham House
