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2015-01-09 ➔ 2019-11-18United National Party (UNP) / Sri Lanka Freedom Party (SLFP) National Unity Government
Yahapalana Administration (Sirisena–Wickremesinghe)
යහපාලන රජය (සිරිසේන–වික්රමසිංහ පාලනය 2015–2019) • நல்லாட்சி நிர்வாகம் (சிறிசேன–விக்ரமசிங்க 2015–2019)
Executive President
Maithripala Sirisena
Prime Minister(s)
Ranil Wickremesinghe / Mahinda Rajapaksa (52-day constitutional crisis Oct-Dec 2018)
Finance Minister(s)
Ravi Karunanayake (2015-17), Mangala Samaraweera (2017-19)
Avg GDP Growth
4.1%
Avg Inflation
4.6%
Start Debt/GDP
71.3%
End Debt/GDP
86.8%
Peak Reserves
$9.9B
FX Trajectory
Rs. 181.6
Major Economic & Governance Policies Enacted
19th Amendment to the ConstitutionYear: 2015
Curtailed presidential powers, revived Independent Commissions (Elections, Police, Judicial, CIABOC), and established Constitutional Council.
Documented Impact: Enhanced institutional checks and balances and parliamentary oversight.
Inland Revenue Act No. 24 of 2017Year: 2017
Reformed direct tax architecture, widened tax brackets, streamlined exemptions, and introduced progressive PAYE/corporate taxes.
Documented Impact: Raised government tax revenue to GDP from 10.1% to 12.5% by 2017.
Hambantota Port 99-Year Concession AgreementYear: 2017
Concessioned 70% stake in Hambantota Port operations to China Merchants Port Holdings for $1.12B to strengthen foreign exchange reserves.
Documented Impact: Injected foreign reserves to meet upcoming foreign debt maturities, though criticized for long-term lease terms.
1990 Suwa Seriya National Pre-Hospital Ambulance ServiceYear: 2016
Launched nationwide free emergency paramedic ambulance service funded initially through Indian grant assistance.
Documented Impact: Recognized as one of the most successful public health logistics services in South Asia.
Documented Achievements
- Enacted the 19th Amendment strengthening democratic institutions and independent commissions.
- Achieved primary budget surplus in 2017 and 2018 through fiscal consolidation.
- Established 1990 Suwa Seriya free pre-hospital ambulance network.
- Enacted Right to Information (RTI) Act No. 12 of 2016.
Documented Criticisms & Policy Failures
- Central Bank Bond issue scandal caused severe public trust erosion in financial governance.
- GDP growth decelerated steadily from 5.0% in 2015 to 2.3% in 2019.
- Issued record volume of International Sovereign Bonds ($12B+ between 2015 and 2019) to refinance maturing debt without boosting export capacity.
- Paralyzing executive-legislative friction between President and Prime Minister.
Audited Controversies & Judicial Records
⚖ Presidential Commission of Inquiry into the Central Bank Bond Issues (2017 Report).
⚖ SriLankan Airlines $115M cancellation fees for A350-900 lease agreements.