Sri Lanka is undergoing a significant presidential election on Saturday, marking the first national vote since the country’s worst-ever economic crisis ousted former president Gotabaya Rajapaksa in 2022. The election comes at a crucial time as the nation strives to recover from economic turmoil, which sparked mass protests and caused the downfall of its former leadership. This vote, regarded as a referendum on the government’s economic reforms, holds the potential to shape Sri Lanka’s trajectory toward financial recovery and political stability.
A Referendum on Economic Reforms
The economic crisis, which pushed inflation to a staggering 70% and severely depleted foreign exchange reserves, continues to loom large over the electorate. Many Sri Lankans are still reeling from austerity measures implemented to salvage the economy. Tax hikes, subsidy cuts, and reductions in welfare have helped stabilize the rupee and curb inflation but have come at the expense of the working class, who continue to struggle to make ends meet.
Soumya Bhowmick, associate fellow at the Observer Research Foundation, noted that economic concerns dominate voter sentiment in this election. “The country’s soaring inflation, skyrocketing cost-of-living, and poverty have left the electorate desperate for solutions to stabilize prices and improve livelihoods,” Bhowmick said. As the nation seeks to rebuild after its economic collapse, the election serves as a crucial test for the government’s reform agenda, with many voters demanding concrete solutions to restore both domestic and international confidence in Sri Lanka’s governance.
Key Contenders
Incumbent president Ranil Wickremesinghe, who took over after Rajapaksa’s resignation in 2022, is vying for another term. Wickremesinghe, 75, was appointed by parliament and tasked with stabilizing the nation’s crumbling economy. Despite his success in enacting reforms, he faces allegations of shielding the powerful Rajapaksa family from prosecution and quelling the remaining protest movement against them. His economic measures, though effective in reducing inflation, have not alleviated the struggles of many ordinary Sri Lankans, leaving him vulnerable to voter dissatisfaction.
Another prominent candidate is Anura Kumara Dissanayake, a leftist politician known for his anti-corruption stance. His platform has gained traction among the public as he advocates for good governance and accountability. Dissanayake’s rising popularity represents a strong challenge to Wickremesinghe, especially as corruption remains a key issue for voters.
Also in the running is Sajith Premadasa, leader of the opposition and son of a former president. Premadasa’s Samagi Jana Balawegaya party hopes to unseat Wickremesinghe by capitalizing on public discontent over the economic reforms. Lastly, Namal Rajapaksa, the nephew of ousted president Gotabaya Rajapaksa, seeks to restore his family’s political influence. Namal, however, faces an uphill battle as many Sri Lankans blame the Rajapaksa dynasty for the economic crisis.
An Economy in Crisis
Sri Lanka’s economic collapse was the result of years of under-taxation, weak exports, and poor policy decisions, exacerbated by the COVID-19 pandemic. The public debt ballooned to $83 billion, and basic necessities such as food, fuel, and medicine became scarce, leading to widespread protests and calls for political change. The “Aragalaya” movement, a powerful force behind Gotabaya Rajapaksa’s ouster, expressed the deep frustrations of a population facing economic hardship.
Though Wickremesinghe’s reforms have brought some financial stability, small businesses and citizens alike continue to bear the brunt of the crisis. Raw material costs for industries such as roofing have tripled, and unemployment remains a pressing issue for educated youth like 32-year-old Yeshan Jayalath, who, despite holding an accounting degree, struggles to find permanent work.
A Historic Election
More than three dozen candidates are contesting in this election, a record for Sri Lanka. Voters rank up to three candidates in order of preference, and if no candidate wins an absolute majority, second- and third-choice votes will be counted. For the first time, analysts predict that the election may go to a second round of counting, given the tight race between leading candidates.
As Sri Lanka seeks to rebuild from its economic crisis, this election represents a critical juncture in the nation’s history. Voters are casting their ballots not just for a president, but for a future they hope will bring lasting stability and prosperity.
