Sri Lanka Faces Historic Challenge with Upcoming Presidential Election
Sri Lanka is gearing up for a crucial presidential election next month, which will feature a record number of candidates. The National Election Commission (NEC) has approved 39 candidates for the election scheduled for September 21, including the current president, Ranil Wickremesinghe.
In the last election held in 2019, a total of 35 candidates participated. Wickremesinghe, who assumed the presidency in 2022, stated to the press after submitting his nomination that “we need to stabilize the economy.” He urged voters to support his ongoing reforms: “Let’s move forward and finish this work.”
The South Asian nation is currently facing significant economic challenges, including debt restructuring and financial reforms under an International Monetary Fund (IMF) rescue program. The enormous debt burden, the aftermath of the COVID-19 pandemic, and shortages of fuel, medicine, and food in 2022 led to widespread protests, culminating in the ousting of former President Gotabaya Rajapaksa.
Wickremesinghe has initiated several economic reforms and has set an ambitious goal of making the country a developed nation by 2048. The election is seen as a referendum on his reforms, which have led to improvements in key economic indicators, yet have not significantly impacted the day-to-day lives of many citizens.
Inflation has decreased from 70 percent two years ago to approximately 5 percent today, with interest rates and the currency stabilizing. Creditor nations like India, Japan, and France have agreed to postpone debt repayments until 2028, providing Sri Lanka with the necessary space to rebuild its economy.
Despite these economic improvements, businesses and professionals are expressing concerns over rising taxes, and the high cost of living is affecting everyone. Critics accuse Wickremesinghe of shielding corrupt members of the previous administration in exchange for their support in parliament.
Wickremesinghe faces tough competition from Sajith Premadasa, 57, the leader of the opposition party Samagi Jana Balawegaya, as well as Anura Kumara Dissanayaka, 55, leader of the leftist National People’s Power (NPP), who is popular among younger voters. Notably, the influential Rajapaksa family has withdrawn their support for Wickremesinghe in favor of Namal Rajapaksa, 38, who is also running in the election.
The election also includes two monk candidates, one of whom advocates for the legalization of cannabis and a ban on contraception. RMAL Rathnayake, the chairman of the Election Commission, has warned against the illegal coercion of public employees during candidate registration: “Do not target public employees for illegal activities to support your campaigns,” he said.
Over 17 million people are eligible to vote in the election, and results are expected to be announced the day after the voting takes place. The winner is required to take office within two weeks after the election.