Sri Lanka held a crucial presidential election on Saturday, with millions of citizens casting their votes to determine the country’s future leader. The election comes at a critical juncture, as the nation grapples with the aftermath of its worst economic crisis in decades, leaving many grappling with poverty and a high cost of living.
More than 17 million eligible voters were poised to decide the fate of the presidency, with a close contest anticipated between incumbent President Ranil Wickremesinghe, main opposition leader Sajith Premadasa, and Marxist-leaning challenger Anura Kumara Dissanayake. The election commenced at 7 a.m. local time (0130 GMT) and concluded at 4 p.m. (1030 GMT), with vote counting scheduled to commence shortly after.
This election marks the first since Sri Lanka’s economy crumbled in 2022, precipitated by a severe foreign exchange shortage. This financial crisis left the island nation unable to afford essential imports such as fuel, medicine, and cooking gas. The dire situation led to widespread public unrest in 2022, with thousands of protesters taking to the streets of Colombo and occupying the presidential office and residence, ultimately forcing former President Gotabaya Rajapaksa to flee the country and resign.
While Sri Lanka’s economy has shown signs of a tentative recovery, bolstered by a $2.9 billion bailout program from the International Monetary Fund (IMF), the high cost of living remains a major concern for many voters. Although inflation eased to 0.5% last month and GDP is projected to grow in 2024 for the first time in three years, millions of Sri Lankans remain entrenched in poverty and debt.
The election’s outcome hinges on Sri Lanka’s ranked voting system, which allows voters to cast three preferential votes for their preferred candidates. A candidate securing 50% or more of the votes in the first round is declared the winner. However, given the close nature of the contest, analysts anticipate a second round of counting between the two leading candidates, with the preferential votes of other candidates redistributed.
The Election Commission is expected to formally announce the winner, likely on Sunday. The new president will face the daunting task of ensuring Sri Lanka adheres to the IMF program until 2027, aiming to stabilize the economy, regain market confidence, attract investors, and lift a quarter of the nation’s population out of poverty. The future of Sri Lanka’s economic recovery and the well-being of its people rest heavily on the shoulders of the newly elected leader.
