Sri Lanka Prepares for Presidential Election Amid Economic Struggles

Sri Lanka is gearing up for a historic presidential election this weekend, marking the final stretch of campaigning for the candidates. Campaign activities will cease at midnight on Wednesday, with voting set to take place on Saturday. This election is particularly significant, as it is the first since nationwide protests in 2022 led to the ousting of then-President Gotabaya Rajapaksa.

For the first time in two decades, no member of the Rajapaksa family is a frontrunner in the presidential race. The nation, still grappling with a severe economic crisis, views this election as a referendum on incumbent President Ranil Wickremesinghe, who assumed office after Rajapaksa’s exit. Voters are assessing which candidate is best equipped to lead Sri Lanka toward economic recovery.

The economy remains the central issue in this election, with voters evaluating each candidate’s potential to foster a sustainable recovery. As reported by the Daily Mirror, a series of 11 rallies are scheduled for Wednesday, with Wickremesinghe holding five and his main rivals Sajith Premadasa and Anura Kumara Dissanayake holding four each.

The Candidates: Three Visions for Sri Lanka

Aside from Wickremesinghe, 75, who is contesting as an independent with the United National Party (UNP), two other major candidates have emerged: Sajith Premadasa from the main opposition party Samagi Jana Balawegaya (SJB) and Anura Kumara Dissanayake from the National People’s Power (NPP). Namal Rajapaksa, son of former President Mahinda Rajapaksa and a member of the Sri Lanka Podujana Peramuna (SLPP), is also running but is considered an unlikely contender given public sentiment against the Rajapaksa family.

Wickremesinghe is campaigning on a platform of stability, pointing to his government’s efforts in negotiating bailout packages with the International Monetary Fund (IMF) and managing to put the country on the path to recovery. However, he faces criticism for the unpopular tax hikes required under the IMF’s bailout conditions and for being perceived as part of the political “old guard.”

Premadasa’s campaign focuses on equitable development and criticizes Wickremesinghe for allegedly protecting the Rajapaksas, whom the people ousted in 2022. He promises to continue with the IMF program but intends to modify it to lessen the burden on ordinary citizens.

Dissanayake, meanwhile, runs on an anti-corruption platform, aiming to attract younger voters who believe that corruption was a major cause of the economic crisis. He enjoys support among those who participated in the 2022 protests.

Economy Takes Center Stage

The economic crisis remains the foremost concern for Sri Lankan voters. While significant progress has been made under Wickremesinghe’s leadership, many citizens feel that the economic benefits have not reached the general populace. The current president has managed to reduce inflation from a staggering 70% in 2022 to under 5% and has seen interest rates and foreign reserves stabilize. However, many voters continue to grapple with high costs of living and heavy taxes, potentially boosting the prospects of his opponents.

As Sri Lanka anticipates a projected economic growth of 2% in 2024—the highest since the crisis began—Saturday’s vote will be crucial in determining the country’s path to recovery.