Sri Lanka opened polling stations on Saturday for its highly anticipated presidential election, the first major electoral exercise since the island nation’s severe economic meltdown in 2022.
With 17 million eligible voters, the election marks a critical moment in the country’s political and economic future as Sri Lankans face a choice between stability under incumbent President Ranil Wickremesinghe or the promise of reform from his challengers.
The election is widely viewed as a referendum on how the nation has handled its recovery from last year’s devastating financial crisis, which triggered widespread protests and saw former President Gotabaya Rajapaksa flee the country.
As voters cast their ballots across over 13,400 polling stations, the economy has emerged as the central issue, with presidential hopefuls offering differing visions for navigating the IMF-driven recovery plan.
Massive Polling Effort Underway
More than 200,000 officials have been deployed to ensure the smooth conduct of the election, while 63,000 police personnel have been tasked with providing security at polling stations. Voting began at 7 a.m. and will continue until 5 p.m., with results expected to be announced by Sunday. The nation will choose from a list of 38 presidential candidates, although the race has largely come down to three primary contenders.
Incumbent President Ranil Wickremesinghe, 75, is vying for re-election as an Independent candidate. He faces strong competition from Anura Kumara Dissanayake, 56, of the National People’s Power (NPP), and Sajith Premadasa, 57, the leader of the Samagi Jana Balawegaya (SJB) and the main opposition leader.
Wickremesinghe’s platform centers on the success of his efforts to pull Sri Lanka out of its financial nosedive, which many experts have hailed as one of the fastest recoveries seen globally in recent years. However, his opponents argue that the recovery, while significant, has not done enough to alleviate the financial struggles of the public.
The Economic Crisis and Recovery at the Heart of Campaigns
Sri Lanka’s current political landscape is shaped by the economic collapse of 2022, which brought the country to its knees. The crisis, marked by fuel shortages, skyrocketing inflation, and nationwide protests, forced former President Gotabaya Rajapaksa to resign and flee the country.
The uprising paved the way for Wickremesinghe’s ascension to the presidency, where he immediately sought a $3 billion bailout from the International Monetary Fund (IMF).
The economic recovery under Wickremesinghe, though met with skepticism, has been marked by stabilization. His stringent IMF-backed reforms have steered the country out of successive quarters of negative growth, restoring confidence among international investors. Yet, his policies, tied to fiscal discipline and austerity, have been unpopular among the general public, especially among those hit hardest by the economic downturn.
In this context, Wickremesinghe’s main rivals, Dissanayake and Premadasa, have positioned themselves as reformers who promise to address the inequities that have resulted from the IMF program. Both candidates have vowed to modify the IMF reforms to offer greater economic relief to Sri Lankans, particularly those who feel left behind in the recovery process.
Anura Kumara Dissanayake, in particular, has seen a rise in popularity, tapping into the frustrations of those who believe the political system is broken. At 55, he has branded himself as a champion of the people, promising to clean up what he calls Sri Lanka’s “corrupt political culture.”
Dissanayake’s anti-establishment rhetoric has resonated with a segment of the electorate that is eager for change, even as he supports keeping much of the IMF recovery plan intact with minor tweaks to improve public welfare.
Sajith Premadasa, on the other hand, offers a middle path, combining promises of relief for the common people with pragmatic economic measures. As the leader of the opposition, Premadasa has consistently voiced concern over the austerity measures imposed by Wickremesinghe’s government but supports the broad framework of the IMF reforms.
Both Premadasa and Dissanayake have made it clear that their primary focus is on steering the country through economic recovery, with the Tamil minority issue, often a focal point in past elections, taking a back seat this time around.
What’s at Stake for Sri Lanka?
This election is about more than just choosing a leader — it’s about determining the course of Sri Lanka’s future amid economic uncertainty. With Wickremesinghe touting his record of stabilization and Dissanayake and Premadasa offering more populist visions, voters are faced with starkly different choices in the nation’s first major electoral test since the crisis.
The economy has undoubtedly taken center stage, with candidates competing on their plans for moving forward within the confines of the IMF bailout. While Wickremesinghe stands by his existing approach, pointing to the quick recovery as proof of its success, his opponents argue for a more people-centric approach that aims to soften the impacts of austerity.
The international community is also watching closely, as the outcome will have implications not just for Sri Lanka but also for the broader region. A stable Sri Lanka is key to economic and political stability in South Asia, and the country’s handling of its recovery from the worst financial crisis in its history could serve as a model for other nations facing similar challenges.
As polls close and results begin to roll in, Sri Lankans will soon know whether they have chosen to stay the course with Wickremesinghe or to bet on new leadership to guide them through the challenges ahead.
