Sri Lanka polls: Presidential election pivotal to economic recovery

Sri Lankans vote in a presidential election that will chart the country's future in recovery from its worst economic crisis and subsequent political turmoil.

The election, with 38 candidates, effectively presents a three-way showdown between incumbent liberal President Ranil Wickremesinghe, legislator Anura Kumara Dissanayake, and opposition leader Sajith Premadasa.

There are 17 million eligible voters, and final results are due today.

Results will reflect whether the people of Sri Lanka approve of Wickremesinghe's leadership over the country's fragile recovery, including its debt restructuring under an International Monetary Fund program after it defaulted in 2022.

The government said Thursday that it cleared the last hurdle in debt restructuring by agreeing in principle with private bondholders.

Sri Lanka had $83 billion in local and foreign debt at the time it defaulted. The government says it has restructured more than $17 billion.

But even as important economic figures have improved considerably, Sri Lankans still fight against high taxes and rising living costs.

Both Premadasa and Dissanayake promise to renegotiate the IMF deal to make austerity measures more bearable. Wickremesinghe has warned that any move to alter the basics of the agreement could delay the release of a fourth tranche of nearly $3 billion in assistance pledged by the IMF that's crucial to maintaining stability.

For most Sri Lankans, this is an economy-driven election, hoping that a new government would take the country out of a complete crisis and end long-established corruption in the system.

“I think corruption is one of the main reasons that led the country to the present pathetic condition. So, the next leader should pay attention to eliminate corruption and start building the country,” said Chandrakumar Suriyaarachchi, a driver who voted in Saturday's election. "Our children deserve a better life.”

Political analysts note that a widespread disillusion with the traditional political elite, blamed by many for Sri Lanka's economic instability, could mean that no one candidate is to win more than 50 per cent of the votes as a first preference to clinch the presidency. In that event, the top two candidates will proceed to a second round that takes into consideration the votes made in the second preference.

In the event of no obvious winner of the power, the island nation could succumb to further instability.

Voter Visaka Dissanayake said he hopes Sri Lanka votes for a “strong leader, who will set the path for economic recovery."

“We have now come out of a very difficult situation. So, I hope the economic recovery will continue,” Dissanayake said.

Sri Lanka's economic crisis has largely originated from excessive borrowing on projects that did not generate revenues. The onslaught of the COVID-19 pandemic and government insistence on using scarce foreign reserves to prop up the currency, the rupee, have contributed to the free fall of the economy.

The economic meltdown resulted in severe shortages, especially for medicine, food, cooking gas, and fuel, with individuals waiting for days to buy them. This situation resulted in riots, as protesters captured key buildings within the country, including the house of the president and his office, as well as the office of the prime minister, compelling then-President Gotabaya Rajapaksa to leave the country and resign.

Wickremesinghe was elected by a parliamentary vote in July 2022 to complete the five years of Rajapaksa's term. Now, Wickremesinghe is seeking another term to solidify the achievements he has been able to make up so far.

But many also accuse him of shielding members of the Rajapaksa family, whom they blame for the economic crisis.

Wickremesinghe was elected largely on the votes of Rajapaksa loyalists as the sole member of his party in Parliament and also served in his Cabinet and voted for his reforms.