Sri Lanka held its presidential election on Saturday, with the nation’s citizens casting their ballots amidst a desperate search for a way out of the worst economic crisis in its history. The election, featuring 38 candidates, is largely considered a three-way race. Incumbent liberal President Ranil Wickremesinghe, Marxist-leaning lawmaker Anura Kumara Dissanayake, and opposition leader Sajith Premadasa stand as the frontrunners. The election results will reveal whether Sri Lankans endorse Wickremesinghe’s leadership in guiding the country through a fragile recovery, including the restructuring of Sri Lanka’s debt under an International Monetary Fund (IMF) program.
Sri Lanka defaulted on its debt in 2022, and the government has made significant progress in restructuring over $17 billion of the country’s total $83 billion debt. This includes reaching an agreement in principle with private bondholders, marking a crucial step in the debt restructuring process. However, despite these improvements in key economic indicators, Sri Lankans continue to face the harsh realities of high taxes and rising living costs.
Both Premadasa and Dissanayake have expressed their intention to renegotiate the IMF deal, seeking to ease the burden of austerity measures on the population. Wickremesinghe, on the other hand, has cautioned against any changes to the agreement’s core principles, arguing that such alterations could delay the release of a crucial fourth tranche of nearly $3 billion in IMF assistance, vital for maintaining economic stability.
The economic crisis has deeply impacted the lives of ordinary Sri Lankans, with widespread shortages of essential goods like medicine, food, cooking gas, and fuel. People have endured long queues and waiting times just to obtain these necessities. The frustration and hardship culminated in protests that saw protesters seize control of key government buildings, including the president’s residence, office, and the prime minister’s office. The unrest forced then-President Gotabaya Rajapaksa to flee the country and resign. Wickremesinghe was subsequently elected by Parliament in July 2022 to complete the remainder of Rajapaksa’s five-year term.
Now, Wickremesinghe seeks re-election, aiming to solidify the gains made during his interim leadership. However, he faces accusations of protecting members of the Rajapaksa family, who are widely blamed for the economic crisis. Notably, Wickremesinghe was elected with the support of Rajapaksa loyalists, who also hold key positions within his Cabinet and have been instrumental in pushing through his proposed reforms.
Sri Lanka’s economic crisis stemmed from a combination of excessive borrowing for projects that failed to generate revenue, the impact of the COVID-19 pandemic, and the government’s decision to use scarce foreign reserves to prop up the rupee, the country’s currency. This confluence of factors led to a sharp decline in the economy.
Amidst this backdrop, Sri Lankans have voted with the economy at the forefront of their minds. They hope for a new government that will lead the nation out of crisis, address deep-rooted corruption, and build a brighter future. “I think corruption is one of the main reasons that led the country to the present pathetic condition. So, the next leader should pay attention to eliminate corruption and start building the country,” said Chandrakumar Suriyaarachchi, a driver who participated in the election. “Our children deserve a better life.”
Political analysts express concerns that the widespread discontent with the political establishment, widely blamed for Sri Lanka’s economic instability, could prevent any single candidate from securing a majority of first-preference votes. This scenario would necessitate a second round of counting, factoring in second-choice votes. The absence of a clear winner poses a significant risk of plunging the island nation into further instability.
Voter Visaka Dissanayake echoed the sentiment of many, stating, “We have now come out of a very difficult situation. So, I hope the economic recovery will continue.” He expressed his desire for a “strong leader, who will set the path for economic recovery.”
The outcome of this election carries immense weight for Sri Lanka’s future. The nation’s citizens are placing their hopes on a new government to steer the country towards a brighter future, characterized by economic stability, good governance, and a brighter tomorrow for their children.
