Former President Ranil Wickremesinghe has sounded a stark warning that Sri Lanka could once again be pushed to the brink of economic collapse, cautioning that a fresh and serious financial crisis may emerge as early as the end of 2028.
A Warning From Experience
Wickremesinghe, who steered the country through its most catastrophic economic meltdown in modern history during his tenure as President, says the threat of another breakdown should not be taken lightly. Having overseen the painful restructuring process that pulled Sri Lanka back from the edge of total financial ruin, he now fears that the hard-won gains could be squandered if the country fails to stay the course on economic reforms.
The former president's remarks carry significant weight given that he was at the helm when Sri Lanka defaulted on its foreign debt in 2022 — an unprecedented collapse that led to crippling fuel and medicine shortages, hours-long power cuts, and widespread public unrest that ultimately forced his predecessor from office.
The 2028 Deadline
According to Wickremesinghe, the window between now and the close of 2028 is critical. He has indicated that Sri Lanka must maintain strict fiscal discipline and continue honouring its commitments to international creditors and reform partners if it is to avoid sliding back into a similar crisis.
We could go bankrupt again — the challenge will come from the end of 2028.
The warning comes at a time when Sri Lanka is still navigating a delicate recovery, with the International Monetary Fund bailout programme ongoing and debt restructuring agreements still being finalised with bilateral and commercial creditors.
A Nation Still on the Mend
While there have been encouraging signs of economic stabilisation — including improved foreign reserves, a recovering rupee, and easing inflation — economists and analysts have long cautioned that Sri Lanka's recovery remains fragile. Any significant deviation from the agreed reform path, or a deterioration in global economic conditions, could quickly unravel the progress made.
Wickremesinghe's remarks are likely to reignite debate among policymakers, economists, and the public about whether the current government is doing enough to safeguard the country's financial future and ensure that the sacrifices borne by ordinary Sri Lankans during the 2022 crisis were not made in vain.
As Sri Lanka continues its slow and difficult road to recovery, the former president's caution serves as a sobering reminder that economic stability, once lost, is not easily or permanently regained.
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