Sri Lanka Presidential Election: Economic Recovery At Stake

Polling officers set up their booth in Colombo, Sri Lanka, Saturday, Sept. 21, 2024. (AP Photo/Rajesh Kumar Singh)

Sri Lankans have cast their votes in a pivotal presidential election that will shape the country's path to recovery from its severe economic crisis and political turmoil. The election, featuring 38 candidates, is primarily a three-way contest among incumbent President Ranil Wickremesinghe, lawmaker Anura Kumara Dissanayake, and opposition leader Sajith Premadasa.

With 17 million eligible voters, the final election results are anticipated to be revealed on Sunday. The outcome will reflect the public's verdict on Wickremesinghe's leadership during the nation's fragile economic revival, which involved restructuring its debt under an International Monetary Fund (IMF) program following a default in 2022.

The government recently announced a breakthrough in debt restructuring by securing a preliminary agreement with private bondholders. Sri Lanka's total debt, both local and foreign, amounted to $83 billion at the time of default, with over $17 billion now restructured.

Despite positive economic indicators, citizens are grappling with high taxes and living expenses. Both Premadasa and Dissanayake have pledged to renegotiate the IMF deal to ease austerity measures, while Wickremesinghe has cautioned against altering the agreement's fundamentals, which could delay the release of crucial IMF assistance.

Top contenders include Wickremesinghe, Dissanayake, and Premadasa.

Sri Lanka's pivotal presidential election features 38 candidates.

Election results to be announced soon with 17 million eligible voters.

Economic issues dominate voter concerns, including high taxes and living expenses.

Debt restructuring progress made with $17 billion restructured out of $83 billion debt.

Candidates differ on renegotiating IMF deal to ease austerity measures.

Citizens seek a government to combat corruption and navigate the country out of crisis.

Potential for a runoff election if no candidate secures 50% of votes.

Economic downturn attributed to excessive borrowing and COVID-19 impact.

Wickremesinghe faces criticism for handling economic turmoil and ties to Rajapaksa family.

The electorate is primarily focused on economic issues, hoping for a government that can navigate the country out of crisis and combat entrenched corruption. Concerns loom over the potential for a runoff election if no candidate secures 50% of the votes, which could lead to further instability.

The economic downturn stemmed from excessive borrowing on non-revenue-generating projects, exacerbated by the COVID-19 pandemic and the government's use of foreign reserves to stabilize the currency. The crisis triggered shortages of essential goods, long queues for basic necessities, and civil unrest.

Wickremesinghe, who assumed office in 2022, is seeking re-election to build on the progress made. However, critics accuse him of shielding the Rajapaksa family, held responsible for the economic turmoil. The electorate is looking for a strong leader to steer the country towards economic recovery and stability.