COLOMBO: Sri Lanka’s crisis looked over on Saturday as strongman Mahinda Rajapakse bowed out of a power battle that had crippled the island nation for seven weeks and sent it heading for a possible debt default.

Rajapakse held a multi-religious service at his home where he signed a letter backing down from the post of prime minister controversially conferred on him on October 26.

Hours after receiving blessings from the clergy, the 73-year-old ex-president sounded bitter and vowed to make a comeback at local council elections.

“There is no doubt at all that the people who stood by us since 2015 will continue to support us in the future as well,” he said addressing his close associates. “We will bring the forces opposed to the country down to their knees by organising the people.” His aides said he was returning a fleet of limousines he had used since his disputed appointment.

President Maithripala Sirisena triggered the political turmoil by sacking premier Ranil Wickremesinghe and replacing him with his flamboyant former foe Rajapakse.

But Wickremesinghe refused to step down insisting that his sacking was illegal, leaving the Indian Ocean nation of 21 million people with two men claiming the premiership.

Rajapakse was then defeated in a no-confidence motion on November 14.

However, the following day, Speaker Karu Jayasuriya ruled that he would recognise neither man as prime minister, leaving Sri Lanka effectively without a government.

The country was then heading for a government shutdown as parliament failed to approve spending for 2019 and credit rating agencies downgraded its debt amid fears of a sovereign default.

There were doubts about the country’s ability to repay $1.5 billion due to bond holders by January 10 without a legally constitu­ted administration.

Published in Dawn, December 16th, 2018