By Adolf
Former President Ranil Wickremesinghe and his wife, Prof. Maithree Wickremesinghe, for the fourth time appeared in court for another hearing relating to his UK visit. Sri Lanka’s political memory appears to have become remarkably convenient under the current regime. Excesses and mistakes, when committed by those in power, are sometimes brushed aside, while the political spotlight remains firmly fixed on those who have left office. To be clear, any allegation involving public money should be properly investigated. If wrongdoing is established, accountability must follow. No former president should be above the law. But accountability cannot mean selectively rewriting history.
Grateful
There is one very important economic fact that Sri Lanka should not forget: when Ranil Wickremesinghe assumed office in July 2022, the country was in economic freefall. When he left office, Sri Lanka had moved from outright economic collapse towards measurable macroeconomic stability. That transformation did not happen by accident.
Few expected him to last even a year. Yet, in just 26 months, he helped pull Sri Lanka from bankruptcy towards stability. Today, the JVP and the NPP may seek to claim that achievement as their own. But the fact remains that the foundations of the economic stabilisation were laid before they came to power.Wickremesinghe did it with a relatively small team, while facing intense criticism from the JVP opposition in Parliament and considerable public resistance to the painful measures being introduced. Wickremesinghe took political responsibility for implementing one of the most difficult economic adjustment programmes in Sri Lanka’s modern history. He inherited a country with depleted foreign exchange reserves, soaring inflation, shortages of fuel and essential goods, a sovereign debt default and an economy suffering one of its worst contractions in decades. His contribution was not simply that he “brought the IMF”. His more important contribution was taking political ownership of the difficult decisions necessary to make an IMF programme work. Under his administration, Sri Lanka secured the four-year IMF Extended Fund Facility in March 2023, amounting to approximately US$3 billion. The programme required major reforms: stronger tax collection, fiscal consolidation, cost-recovery energy pricing, tighter monetary policy, rebuilding foreign exchange reserves, reforming state-owned enterprises and restructuring public debt.These were not cosmetic reforms.They affected virtually every household. Taxes increased. Electricity and fuel prices rose. Government expenditure was constrained. The public was asked to accept considerable pain today in order to prevent an even greater economic disaster tomorrow.And Wickremesinghe was willing to take the political consequences. The results were measurable.
IMF
The IMF reported that the reform programme was beginning to produce signs of stabilisation in 2023. Inflation fell sharply from its crisis peak, foreign exchange reserves began to recover and shortages that had paralysed the country started to ease. The IMF also specifically emphasised that the programme required strong ownership by the Sri Lankan authorities. Then came the debt restructuring. Sri Lanka had to convince international creditors that it was serious about restoring debt sustainability. The Wickremesinghe administration took forward the domestic debt operation and negotiations with external creditors that were essential to putting the country’s finances on a more sustainable footing.
Hardship
None of this means that the adjustment did not impose real hardship. Many Sri Lankans paid a heavy price through higher taxes, higher utility costs and reduced purchasing power. The IMF itself has stressed that Sri Lanka remains vulnerable and that reforms need to continue. But criticism and historical erasure are two different things. The AKD administration inherited an economy that had already gone through the most painful phase of stabilisation. It is entitled to change policies, improve the IMF programme and claim credit for whatever progress it subsequently delivers.
But it should not behave as though Sri Lanka moved from bankruptcy towards stability without anyone having taken the difficult decisions before it came to power.
And this is where the present controversy over foreign travel becomes relevant. If the principle is that public officials must justify overseas travel and expenditure, then that principle must apply equally to everyone.International travel by political leaders is not inherently wrong. Presidents and ministers travel for diplomacy, investment, trade, international relations and national interests.
The relevant questions should be purpose, cost, transparency and results. Those standards should apply to Ranil Wickremesinghe. They should also apply to AKD and every future government.
Sri Lanka needs accountability. But it also needs honesty and good faith. AKD and his team may legitimately want to write their own chapter of Sri Lanka’s economic recovery.
But they cannot expect the country to forget the chapter immediately preceding it. Ranil Wickremesinghe inherited a bankrupt state, accepted responsibility at an exceptionally difficult moment, secured the IMF programme, took ownership of politically painful fiscal reforms, helped restore international confidence, began rebuilding reserves and took forward the initial stages of the country’s debt restructuring. These are not political slogans.They are documented economic events, recognised internationally.
Sri Lanka’s recovery belongs ultimately to the people of Sri Lanka, who endured the shortages, paid the higher prices and made enormous sacrifices. But leadership matters in a crisis, and the leadership decisions taken between 2022 and 2024 cannot simply be erased from the national record.
Political power is temporary.
The Rajapaksa family has already experienced that reality more than once. AKD and his colleagues would do well to remember that political fortunes can change, governments can change, and today’s powerful can become tomorrow’s opposition. The lesson is simple for AKD: govern with humility, hold others accountable by the same standards by which you expect to be judged, and do not rewrite history for political convenience. Because eventually, every government becomes part of history.And perhaps there is one final lesson worth remembering: it is always wise to give credit where credit is due. In politics, recognition given today can sometimes come back in double measure tomorrow.Meanwhile, as Ranil Wickremesinghe sits back and watches his Netflix, he may well reflect on the irony of the situation. He and his one-time deputy Sajith played a significant role in the political circumstances that eventually ushered in AKD without a majority of his own. If today’s political tide turns against them, ultimately they have only themselves to blame. Politics has a long memory—even when politicians do not.