Sri Lankans are heading to the polls to elect a new president. This is the first election following widespread protests that led to the ousting of the previous leader amid the nation’s most severe economic crisis in history in 2022.
Saturday’s vote is pivotal for economic reforms to steer the country towards recovery.
However, numerous individuals continue to face challenges in meeting their financial obligations due to increased taxes and reductions in subsidies and welfare programs.
Analysts forecast that economic issues will dominate voters’ thoughts as the race tightens.
“The electorate is increasingly desperate for solutions to address the country’s soaring inflation, skyrocketing cost of living, and rising poverty,” stated Soumya Bhowmick, an associate fellow at the Observer Research Foundation.
“As the nation strives to recover from its economic downturn, this election represents a pivotal opportunity to influence Sri Lanka’s path to recovery and rebuild trust in its governance, both at home and abroad.”
President Ranil Wickremesinghe, who is tasked with steering Sri Lanka away from its economic crisis, is seeking another term in office.
A week after former president Gotabaya Rajapaksa was ousted, parliament appointed a 75-year-old successor to lead the nation.
In the wake of his inauguration, Wickremesinghe swiftly dismantled the remnants of the protest movement. He faces accusations of protecting the Rajapaksa family from legal action and enabling their resurgence, claims he has firmly rejected.
Leftist politician Anura Kumara Dissanayake emerges as a formidable candidate, bolstered by a robust anti-corruption platform that has garnered growing public backing.
Saturday’s election in Sri Lanka is set to feature a record number of candidates, surpassing any previous election in the nation’s history. Among the more than three dozen, four are currently capturing significant attention.
In addition to Wickremesinghe and Dissanayake, the political landscape features the opposition leader, Sajith Premadasa, alongside Namal Rajapaksa, the 38-year-old nephew of the recently ousted president.
The counting process will commence following the polls’ closure at 16:00 local time (10:30 GMT), although clarity on the results is not anticipated until Sunday morning.
An unstable economy
A severe economic crisis ignited the uprising known as “Aragalaya,” which led to the ousting of former president Gotabaya Rajapaksa.
Years marked by under-taxation, lackluster exports, and significant policy missteps, compounded by the impacts of the COVID-19 pandemic, have severely depleted the nation’s foreign exchange reserves.
Public debt has surpassed $83 billion, while inflation has surged to 70%.
The country’s social and political elite appeared largely shielded from the crisis’s repercussions, while essential items such as food, cooking gas, and medicine became increasingly difficult for ordinary citizens to obtain, leading to growing resentment and unrest among the populace.
The crisis prompted widespread criticism of then-president Rajapaksa and his administration, culminating in months of protests demanding his resignation.
On July 13, 2022, dramatic scenes unfolded as crowds surged into the presidential palace, leaping into the swimming pool and ransacking the residence. This event captured global attention through widespread broadcasts.
Following Rajapaksa’s departure from the country, which marked a 50-day exile, the interim administration under President Wickremesinghe enacted stringent austerity measures aimed at rescuing the economy.
Despite the successful economic reforms that have reduced inflation and bolstered the Sri Lankan rupee, ordinary citizens in Sri Lanka are still experiencing financial strain.
“Finding a job is incredibly challenging,” remarks 32-year-old Yeshan Jayalath. “Despite holding an accounting degree, securing a permanent job remains elusive.” He has been engaged in temporary or part-time employment instead.
Numerous small businesses nationwide continue to grapple with the aftermath of the crisis.
Norbet Fernando, who had to close his roof tile factory north of Colombo in 2022, informed the BBC that the prices of raw materials like clay, wood, and kerosene have surged to three times their cost from two years prior. He noted that a limited number of individuals are constructing homes or purchasing roof tiles.
“It is painful to witness the destruction of my factory after 35 years,” Fernando shared with the BBC, noting that out of the 800 tile factories in the region, only 42 have continued to operate since 2022.
Data from the central bank indicates that business sentiments have been marked by depressed demand throughout 2022 and 2023. While there are signs of improvement in 2024, the figures remain below pre-crisis levels.
Alan Keenan, a senior consultant at the International Crisis Group, stated in an interview with the BBC that while the Sri Lankan economy appears to have regained stability, many citizens remain unconvinced that the sacrifices are justified.
Who are the major candidates?
Ranil Wickremesinghe: After two previous defeats in presidential elections, Saturday presents his third opportunity to secure the presidency directly from the Sri Lankan electorate rather than through parliamentary selection.
Anura Kumara Dissanayake: The candidate representing the leftist National People’s Party alliance has made a resolute pledge to implement stringent anti-corruption measures and promote effective governance. This commitment brings a ray of hope for a cleaner and more transparent political system.
Sajith Premadasa: The opposition leader is affiliated with the Samagi Jana Balawegaya party. Notably, his father held the position of the second executive president of Sri Lanka until his assassination in 1993.
Namal Rajapaksa: The son of Mahinda Rajapaksa, who served as the country’s leader from 2005 to 2015, comes from a prominent political family. However, he faces the challenge of gaining the voters’ trust, which holds his family accountable for the ongoing economic crisis.
How does the voting process operate?
In Sri Lanka, voters participate in an electoral process that allows them to rank up to three candidates according to their preferences, ultimately selecting a single winner.
A candidate who secures an absolute majority will be officially declared the winner. A subsequent round of counting will begin, incorporating second and third-choice votes into the tally if necessary.
In Sri Lanka’s electoral history, every election has yet to reach the second round of counting. This is attributed to the consistent emergence of single candidates as definitive winners, determined by first-preference votes.
This year’s election in Sri Lanka has the potential to be a game-changer, standing out from the rest in the country’s electoral history.
Mr. Keenan of ICG stated, “Opinion polls and initial campaigning indicate that, for the first time in history, the upcoming vote may result in a winner who does not secure a majority of votes.”
It is essential for candidates, party leaders, and election officials to be ready to address any potential disputes with composure and in strict adherence to established protocols.