ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles By Devaka Gunawardena

Stability, Counter-revolution, and the International Order in Sri Lanka

In the aftermath of the popular uprising of 9 July 2022 in Sri Lanka, the counter-revolutionary regime led by Ranil Wickremesinghe and backed by the party of the disgraced ex-President, Gotabaya Rajapaksa, has sought to suppress further dissent. The West has extended cover to the government, legitimising its support with rhetoric about stability. But amid global unravelling, Sri Lanka’s crisis demands a new framework to grasp the tremendous changes occurring in the country.

The Unravelling of the Global Political Economy and Sri Lanka’s IMF Solution

Sri Lanka faces an uncertain path to obtaining bailout funding from the International Monetary Fund, while the existing terms of the agreement itself will exacerbate the ongoing economic crisis. Moreover, Sri Lanka’s difficulty in securing the consent of bilateral and private creditors amid great power rivalry reflects the unravelling of the global order. Is there an alternative to austerity in this conjuncture, including possibilities for self-sufficiency?

The Political Economy of the Crisis in Sri Lanka

Sri Lanka is facing the worst economic downturn since independence. The economic establishment is proposing austerity to continue the neo-liberal trajectory, which the working people are bound to resist. Will this conjuncture lead to a progressive social contract between the state and the people based on democratic alternatives of redistribution or further repressive liberalisation with dispossession?