Business leaders think Ranil should be supported

Business leaders in Sri Lanka say the new Prime Minister Ranil Wickremesinghe should be given a chance to resuscitate the economy.

Wickremesinghe was appointed to replace Mahinda Rajapaksa, taking many political leaders by surprise and leaving them scrambling to respond. Much of the response from opposition parties was negative as they actively held media events aimed at undermining the legitimacy of Wickremesinghe’s appointment.

The business community’s views appear to be significantly different. Not wanting be quoted due to political sensitivities, several leaders in the software, agricultural and financial industries had confidence that the appointment of the new PM was the need of the hour, providing a solid chance to catalyze Sri Lanka’s economic recovery.

They view the appointment as bringing the political stability that is crucial for an economic recovery, and for the most part are disappointed at the opposition parties attempt to destabilise the new government before it is even formed.

Wickremesinghe enjoys significant credibility with the international community, and is seen by business leaders as someone who can significantly increase support from the donor community.

Markets reacted positively with the Colombo Stock Exchange up almost 10% on the back of the appointment. The currency exhibited some stability due to moves by the Central Bank of Sri Lanka (CBSL), likely encouraged by the new political stability that the CBSL Governor demanded just days before.

Source: LBO.LK