As Sri Lanka gears up for a historic presidential election this weekend, the candidates are in the final stretch of their campaigns. The election campaign comes to a standstill at midnight Wednesday, paving the way for the crucial vote on Saturday. This election holds significant weight as it is the first since the island nation was rocked by protests in 2022, leading to the downfall of former President Gotabaya Rajapaksa and his government. The economic crisis, which sparked the nationwide movement, continues to cast a long shadow over the country. This election is therefore not just about choosing a leader, but also about deciding the course of Sri Lanka’s economic recovery.
The election is a watershed moment in many ways. For the first time in two decades, a member of the powerful Rajapaksa family is not a leading contender. This shift signifies a desire for change and a break from the past. The economic crisis remains the central issue in the election, with voters keenly scrutinizing each candidate’s plans and their ability to deliver economic prosperity.
Sri Lanka’s political landscape is dominated by three leading figures: Ranil Wickremesinghe, the incumbent president and leader of the United National Party (UNP), contesting as an independent; Sajith Premadasa, the leader of the main opposition party, Samagi Jana Balawegaya (SJB); and Anura Kumara Dissanayake of the National People’s Power (NPP). Namal Rajapaksa, the son of former President Mahinda Rajapaksa and a member of the Sri Lanka Podujana Peramuna (SLPP), is also in the race. However, his chances of winning are considered slim, given the public’s sentiment towards his family.
Wickremesinghe, 75, is running on a platform of stability. His government has been actively negotiating with the International Monetary Fund (IMF) for bailout packages to facilitate economic recovery. He is seeking credit for stabilizing the nation after the turmoil of 2022. However, Wickremesinghe’s unpopularity stems from his tax hikes, implemented as part of the IMF’s bailout conditions. Younger voters view him as part of the ‘old guard’, a generation they are eager to see replaced. Despite his detractors, Wickremesinghe is reminding voters that he successfully addressed the severe shortages of essentials, such as fuel, cooking gas, medicines, and food, which plagued the country during the height of the economic crisis.
Premadasa is focusing his campaign on equitable development and criticizing Wickremesinghe for allegedly protecting the Rajapaksas, the very family the nation ousted in 2022. He has pledged to continue the IMF program while modifying it to ensure the burden does not fall disproportionately on the common people.
Dissanayake is championing an anti-corruption agenda, aiming to appeal to younger voters who believe corruption was a key contributor to the economic crisis. He is also seen as being popular among those who participated in the 2022 protests.
The election’s outcome hinges on the crucial issue of the economy, as Sri Lanka is still struggling to overcome its economic challenges. While the nation has made progress under Wickremesinghe’s leadership, the perception of his close ties to the Rajapaksa family could jeopardize his chances.
According to The Associated Press, under Wickremesinghe’s leadership, inflation has dropped from 70 percent in 2022 to under 5 percent today. Interest rates have also declined, and foreign reserves have increased. While a 2 percent economic growth is projected for 2024, the highest since the crisis began, there is a prevailing sentiment that the benefits have not trickled down to the common people. They continue to face high living costs and taxes. This could work against Wickremesinghe and boost the prospects of his opponents.
The Sri Lankan presidential election is a crucial juncture for the nation as it strives to regain its economic footing. The outcome will determine the direction of Sri Lanka’s future and its ability to navigate the path to recovery. The voters’ decision will be a reflection of their faith in the candidates’ ability to address the economic crisis and their vision for the future of Sri Lanka.
