Sri Lanka heads to polls in first presidential election since 2022 economic crisis

New Delhi, Sep 21: Sri Lanka Presidential; election voting commenced at 7:00 am today, Saturday, across 13,421 polling stations as citizens cast their ballots in the country’s first presidential election since its major economic collapse. Long queues were seen since morning outside polling stations amid massive security arrangements.

This election will end today at 4:00 pm and offers 17,140,354 registered voters the chance to choose their next Executive President, a vital decision by the Sri Lankans as the nation grapples with ongoing economic hardships.

The 2024 presidential election is seen as a referendum on the economic reforms initiated in response to the financial crisis that swept the country in 2022.

Nearly all participating candidates have pledged to revive the struggling economy and to continue implementing the International Monetary Fund (IMF) programme, which is crucial for restructuring Sri Lanka’s significant foreign debt.

Voters, many of whom are still reeling from the impacts of inflation, tax hikes, and cuts to subsidies, are keenly focused on promises of economic recovery.

To ensure the integrity of the election process, strict rules have been enforced: voters, polling agents, election officials, and poll monitors are prohibited from carrying mobile phones into polling or counting centres.

Today’s vote will determine Sri Lanka’s ninth Executive President, who will lead the country for the next five years. The stakes are particularly high, given that this is the first election since the massive protests in 2022 that ousted former President Gotabaya Rajapaksa from power.

The current president, Ranil Wickremesinghe, who assumed office after Rajapaksa’s resignation, is seeking another term amidst criticism for his handling of the economic crisis and allegations of protecting the Rajapaksa family from prosecution.

Wickremesinghe, 75, is up against a diverse field of candidates, including leftist politician Anura Kumara Dissanayake, who has gained traction with his anti-corruption stance, and Sajith Premadasa, leader of the opposition and son of a former president. Also running is Namal Rajapaksa, nephew of the ousted president, whose political lineage may be a double-edged sword in an election where the economic crisis is still fresh in the minds of many voters.

Sri Lanka’s economic turmoil was fuelled by a combination of policy missteps, under-taxation, a weak export sector, too much of loan from China and the impact of the COVID-19 pandemic, which drained foreign exchange reserves.

By mid-2022, the country’s public debt had ballooned to over $83 billion, and inflation had soared to 70%. The resulting shortages of essential goods like food, cooking gas, and medicine sparked widespread public discontent.

In dramatic scenes in July 2022, protesters stormed the presidential palace, prompting then-President Rajapaksa to flee the country. His departure marked the end of months of unrest but left the new administration with the task of stabilizing the economy. Wickremesinghe’s government imposed stringent austerity measures, which have since helped to reduce inflation and stabilize the currency, but at a significant cost to the average citizen. Despite these reforms, the economic situation remains fragile. Jobs are scarce, and small businesses continue to struggle.

The election has drawn significant attention not only for its economic implications but also for the political narratives surrounding the candidates. Wickremesinghe, who has previously lost twice in presidential bids, is vying for his first victory directly through the popular vote.

Dissanayake, representing the National People’s Party alliance, is campaigning on a platform of good governance and anti-corruption. Premadasa, leading the Samagi Jana Balawegaya party, hopes to draw on his father’s legacy while distancing himself from the failures of previous governments.

Namal Rajapaksa faces the challenge of overcoming the tarnished reputation of his family, who many blame for the economic collapse.

Sri Lanka’s unique voting system requires voters to rank up to three candidates in order of preference. If no candidate wins an absolute majority on the first count, a second round will be held, considering the second and third preferences. No election in Sri Lankan history has progressed beyond the first round, but given the close race, this year might break that tradition.

As the polls close at 4:00 pm, counting will begin, with preliminary results expected by Sunday morning. For many Sri Lankans, the hope is that this election will mark a turning point towards stability and recovery, putting the country back on a path to economic and political resilience.