The newly elected President Anura Kumara Dissanayake has a plethora of challenges to overcome, and most of these have a direct and significant connection to the country’s recovering economy. While continuing the economic recovery that his predecessor (Ranil Wickremesinghe) achieved, Dissanayake has to take steps to prevent the recurrence of another economic downturn. For this, as he himself has said, the contribution of all sectors is crucial.

Just as the new President was sworn-in, leading trade body, the Ceylon Chamber of Commerce (CCC), reminded Dissanayake of this arduous journey, pointing out several key points that should receive the new President’s attention in the coming few months in order to support the business sector’s recovery.

The CCC wants the new President to complete the ongoing external debt restructuring process based also on the recent announcement of commercial creditors, while continuing the International Monetary Fund (IMF) programme with the aim of making the third review successful, and securing the fourth tranche. This, as Dissanayake has pointed out, will be one of the key priorities of the new administration. However, given the nature of the impacts of the IMF programme on the people, both negative and positive, Dissanayake will have to be walking on a tightrope. What he is facing is a situation that involves dealing carefully not only with the IMF, but also the people that he has promised to provide reliefs to.

The IMF programme may be the biggest challenge that Dissanayake has to face. However, there are other aspects of the economy that may not be as difficult to handle. An example, as the CCC had pointed out, is resolving the on-arrival visa issue immediately. The visa issue may not look like a priority to those focusing on the domestic economy, and not so long ago, certain politicians made statements to the effect that it is not a worrying development and that foreign tourists having to wait at an airport is natural and should be expected. But, the tourism sector is one of the main streams of foreign revenue, which has a direct impact on the entire economy including the domestic economy. Though it may not seem like a pressing concern, the new President should pay attention to this issue as well.

Another priority highlighted by the CCC is the new administration being committed towards the implementation of the national single window for trade, which many in the business sector had pointed out. Especially, when it comes to imports and exports as well as land-related businesses, the necessity of such a system has long been proposed.

Scientific political decision-making is something that the people expect from Dissanayake, which the CCC too has underscored. It urged the new President to avoid implementing ad-hoc gazettes and circulars that can adversely impact the functioning of the private sector, adding that related changes should be made in consultation with the private sector and the relevant stakeholders. As a country that has suffered immensely due to unilateral decisions by politicians and various officials, the implementation of this recommendation could certainly constitute a big part of Dissanayake’s economic management. Stakeholder consultations should go beyond matters pertaining to the business sector. Proper stakeholder consultations should be a part of all forms of law-making, which Sri Lanka lacked during the previous Government’s tenure. If the people’s voice is not heard, Dissanayake will not be able to be the people’s leader that many expect him to be.

Reviving the economy is not going to be easy, especially not until a stable government is formed. However, if the Dissanayake administration manages to implement the few priorities pointed out by the CCC, that itself is sufficient to create considerable positive changes to the business sector. With a strong business sector, many aspects of the economy will recover automatically.