X: @sahanasometimes
Colombo: Sri Lanka is set to hold its first presidential election since declaring bankruptcy in 2022, with the vote scheduled for September 21. This election marks a significant milestone for the nation as it continues to recover from its worst financial crisis in decades. The announcement, published in the government gazette on Friday, has set the stage for a critical decision on the future of the country’s economic reforms.
President Ranil Wickremesinghe was the first to formally announce his candidacy by paying a non-refundable deposit to the election commission. Having served as the prime minister six times and as the President of Sri Lanka for the past two years, Wickremesinghe has pledged to continue his efforts to stabilize the economy. Despite his tenure, he faces considerable criticism over high living costs and demands for salary increases from various sectors.
The upcoming election will see approximately 17 million voters casting their ballots to elect the country’s leader.
The election has also attracted prominent challengers, including Leader of the Opposition Sajith Premadasa and Leader of the National People’s Power (NPP) alliance Anura Kumara Dissanayake. This will be Sri Lanka’s first three-cornered presidential race, breaking the tradition of two main contenders.
During his presidency, Wickremesinghe has worked closely with the Rajapaksas’ Sri Lanka Podujana Peramuna (SLPP or People’s Front), although he is running as an independent candidate.
Wickremesinghe’s administration has been bolstered by a $2.9 billion International Monetary Fund (IMF) bailout program, which has helped bring inflation down from a staggering 70% in September 2022 to 1.7% in June. The rupee has strengthened, and foreign exchange reserves have been rebuilt. However, the economic recovery remains fragile, with the country’s growth projected at 3% in 2024 after contracting by 2.3% last year and 7.3% during the peak of the crisis.
While bilateral creditors, including Japan, China, and India, have agreed to a $10 billion debt restructuring deal, Sri Lanka still needs to finalize an agreement with bondholders to restructure $12.5 billion of debt before a third IMF review later this year.
Analysts and critics warn that reversing the reforms could trigger a new crisis, underscoring the importance of continued economic stability.
Opposition leaders Premadasa and Dissanayake have both campaigned on promises to revamp the IMF program to alleviate living costs and reduce the debt burden. They have also pledged to tackle corruption and improve economic conditions for Sri Lankans.
The SLPP has yet to announce its candidate, including former army chief Sarath Fonseka and Justice Minister Wijeyadasa Rajapakshe, have also entered the race.
The nation’s ethnic minorities, including Tamils of the north and east, Hill Country Tamils (Malaiyaha Tamils), and Muslims, will play a significant role in the electoral process. Presidential candidates are expected to seek support from these communities alongside the majority Sinhalese electorate, which remains fragmented following the 2022 crisis.
As the Island nation gears up for its upcoming presidential elections, US Ambassador for Sri Lanka Julie Chung has endorsed the Election Commission’s announcement.
In a statement on ‘X,’ she highlighted the significance of the election for the country’s democratic process. “We welcome the Election Commission’s decision to hold the presidential elections on September 21, reaffirming Sri Lanka’s longstanding commitment to democracy. We look forward to a free and fair election that empowers Sri Lankan citizens to determine their future,” she said.
Colombo: Sri Lanka is set to hold its first presidential election since declaring bankruptcy in 2022, with the vote scheduled for September 21. This election marks a significant milestone for the nation as it continues to recover from its worst financial crisis in decades. The announcement, published in the government gazette on Friday, has set the stage for a critical decision on the future of the country’s economic reforms.
President Ranil Wickremesinghe was the first to formally announce his candidacy by paying a non-refundable deposit to the election commission. Having served as the prime minister six times and as the President of Sri Lanka for the past two years, Wickremesinghe has pledged to continue his efforts to stabilize the economy. Despite his tenure, he faces considerable criticism over high living costs and demands for salary increases from various sectors.
The upcoming election will see approximately 17 million voters casting their ballots to elect the country’s leader.
The election has also attracted prominent challengers, including Leader of the Opposition Sajith Premadasa and Leader of the National People’s Power (NPP) alliance Anura Kumara Dissanayake. This will be Sri Lanka’s first three-cornered presidential race, breaking the tradition of two main contenders.
During his presidency, Wickremesinghe has worked closely with the Rajapaksas’ Sri Lanka Podujana Peramuna (SLPP or People’s Front), although he is running as an independent candidate.
Wickremesinghe’s administration has been bolstered by a $2.9 billion International Monetary Fund (IMF) bailout program, which has helped bring inflation down from a staggering 70% in September 2022 to 1.7% in June. The rupee has strengthened, and foreign exchange reserves have been rebuilt. However, the economic recovery remains fragile, with the country’s growth projected at 3% in 2024 after contracting by 2.3% last year and 7.3% during the peak of the crisis.
While bilateral creditors, including Japan, China, and India, have agreed to a $10 billion debt restructuring deal, Sri Lanka still needs to finalize an agreement with bondholders to restructure $12.5 billion of debt before a third IMF review later this year.
Analysts and critics warn that reversing the reforms could trigger a new crisis, underscoring the importance of continued economic stability.
Opposition leaders Premadasa and Dissanayake have both campaigned on promises to revamp the IMF program to alleviate living costs and reduce the debt burden. They have also pledged to tackle corruption and improve economic conditions for Sri Lankans.
The SLPP has yet to announce its candidate, including former army chief Sarath Fonseka and Justice Minister Wijeyadasa Rajapakshe, have also entered the race.
The nation’s ethnic minorities, including Tamils of the north and east, Hill Country Tamils (Malaiyaha Tamils), and Muslims, will play a significant role in the electoral process. Presidential candidates are expected to seek support from these communities alongside the majority Sinhalese electorate, which remains fragmented following the 2022 crisis.
As the Island nation gears up for its upcoming presidential elections, US Ambassador for Sri Lanka Julie Chung has endorsed the Election Commission’s announcement.
In a statement on ‘X,’ she highlighted the significance of the election for the country’s democratic process. “We welcome the Election Commission’s decision to hold the presidential elections on September 21, reaffirming Sri Lanka’s longstanding commitment to democracy. We look forward to a free and fair election that empowers Sri Lankan citizens to determine their future,” she said.
