Sri Lanka Heads For First Polls Since 2022 Economic Crisis | Major Candidates, Key Issues

Sri Lanka will hold a pivotal presidential election on September 21, crucial for the nation's recovery from its 2022 economic collapse, which led to mass protests and the former President Gotabaya Rajapaksa to flee and resign.

This election will act as a litmus test for President Ranil Wickremesinghe's two-year tenure, which has overseen a fragile economic recovery.

Wickremesinghe faces strong competition from the opposition leader and a popular left-aligned politician with majorly young supporters.

With nearly 17 million out of the country’s 22 million citizens eligible to vote and 38 candidates in the running, the election is expected to be highly contested and influential for Sri Lanka's future.

Who are the main candidates?

In Sri Lanka's upcoming presidential election, President Ranil Wickremesinghe is running as an independent candidate. His United National Party has weakened over the time due to internal rivalry.

Wickremesinghe's popularity is low because of severe measures, including significant tax hikes, implemented to secure an International Monetary Fund (IMF) bailout. The six-time politician with the old guard, faces criticism for contributing to the economic collapse.

However, he hopes to gain support by highlighting his success in alleviating shortages of essential goods like fuel, cooking gas, medicines, and food.

Anura Kumara Dissanayake, leader of the Marxist-led National People's Power coalition, is a prominent challenger. Gaining traction among young voters who are frustrated by corruption and inspired by the 2022 protests.

Dissanayake has advocated for economic freedom while promising welfare measures for the working class. His appeal lies in his detachment from the traditional business and political elites.

Sajith Premadasa, former deputy president and leader of the United People's Power, also contends for the presidency.

He pledged to continue with the IMF program but with adjustments to alleviate the burden on the poor and supports greater power devolution to the Tamil minority, securing strong Tamil political backing.

Sri Lanka's Economy - Key Issue In Upcoming Election

According to Associated Press, under President Ranil Wickremesinghe, Sri Lanka has seen improvements in key economic indicators including dropping of inflation from 70 per cent in 2022 to below 5 per cent, interest rates were reduced, and foreign reserves increased. A 2 per cent economic growth is predicted for 2024, marking the highest since the economic collapse.

Despite these reported improvements, financial benefits have not reached the general population, who continue to face high living costs, and businesses and professionals are struggling with high taxes.

Wickremesinghe argued that the IMF agreement cannot be significantly altered, while his rivals propose renegotiating it to lessen the public's burden.

Additionally, there is widespread dissatisfaction with Wickremesinghe’s administration, which many believe has shielded the Rajapaksa family from accountability for their alleged economic mismanagement and corruption. This perception of bias has fueled public frustration and demands for accountability has risen.

Elections In Sri Lanka

Sri Lankans will cast their votes on September 21 with results expected by the evening of the following day.

Voters will rank three candidates by preference and the candidate who secures over 50 per cent of the first-choice votes will win.

If no candidate achieves this, the top two candidates remain, and second and third preferences from other votes are redistributed to them. The candidate with the most votes after this redistribution will win.

Sri Lanka's executive presidential system grants significant power to the President, including leadership of the state, government, cabinet, and armed forces.

According to AP, political observers suggest a close race, with Premadasa and Dissanayake leading, but final campaigning could level the playing field for all candidates.

Is There A Rajapaksa Candidate?

Namal Rajapaksa, from the influential Rajapaksa family that has given two former presidents, is also running in the election.

His candidacy will show if his family can still have a major role in Sri Lankan politics after many of its members lost influence. His father, Mahinda Rajapaksa, is known for ending the Tamil separatist conflict in 2009.

Namal promises to reduce taxes and strengthen the economy, claiming that the 2022 economic crisis was mainly caused by the COVID-19 pandemic.