Sri Lanka presidential election on Sep 21: Ranil Wickremesinghe to fight as independent. What we know

Sri Lanka will hold presidential election on September 21 and current incumbent Ranil Wickremesinghe is set to contest as an independent. This is the first election since the turbulent years of economic instability, nationwide protests, and ouster of the Rajapaksa clan's government.

Here are the main things you should know about the Sri Lanka presidential elections:

Sri Lanka Presidential Election 2024: Dates

The presidential election will be held on September 21, according to Sri Lanka's election commission. Nominations will be accepted on August 15 as per a government gazette notification.

Ranil Wickeremesinghe to contest as independent

The incumbent President Ranil Wickremesinghe, who is the leader of the United National Party,will contest the election as an independent candidate. A bond has been placed for this, as per reports on Friday (July 26).

Who are the other possible candidates in Sri Lanaka presidential election?

Opposition leader Sajit Premadasa of Samagi Jana Balawegaya alliance is considered the main rival for Wickeremesinghe. Sajit is the son of former president Ranasinghe Premadasa.

The other possible candidate is Anura Kumara Dissanayakeof Janatha Vimukthi Peramuna. His Marxist-Leninist Communist party saw a revival in fortunes during the protests caused by the economic collapse in the country.

Elections happening for first time since economic turmoil

The last presidential elections were in 2019, which was won by Gotabaya Rajapaksa of Sri Lanka People's Front. Gotabaya appointed his brother, former presidentMahinda Rajapaksa, as prime minister. Soon the economic crisis and Covid pandemic followed, and the Rajapaksa clan became deeply unpopular, also because they had installed family members in key ministerial posts.

Sri Lanka's economic crisis and protests. What had really happened?

Sri Lanka's economic woes started after a foreign exchange crisis, exacerbated by the Covid pandemic of 2020. The tourism sector, one of its mainstays for foreign exchange, was hit badly after the Islamic State terror attacks of 2019. That's when the pandemic also hit.

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Massive inflation followed, making essential items likefood, petrol, cooking gas and medicinces costlier. There was shortages and long lines at the fuel pumps for weeks, and frequent and long power blackouts. This led to massive protests. The anger was directed at the then president Gotabaya Rajapaksa and his brother Mahinda Rajapaksa. Gotabaya, who left the country amid public anger, resigned in 2022. Wickremesinghe, who had been madeprime minister amid the protests, was appointed as president in a vote in parliament, as per provisions of Sri Lanka's constitution.

Eventually, the government declared bankruptcy in 2022, suspending loan repayments to the tune of $83 billion.

Elections a litmus test for financial reforms of Wickremesinghe

Currently the nation is going through a debt restructuring process. It managed to get a four-year bailout from International Monetary Fund in March 2023 and is engaged in financial reforms.

A seasoned statesman and politician, Wickremesinghe, 75, had been prime minister for five times. Since assuming charge as president, Wickremesinghe renegotiated the debts to the tune of $10 billion owed to India, France, Japan and China and entered into debt restructuring agreements. This will enable Sri Lanka to defer loan instalment payments to them till 2028. Concessions have been given to the loans too, until 2043.

The country's economy is slowly emerging out of the doldrums, but the price it is paying through financial reforms is hurting many in the country, for instance over increase in power bills, and tax hikes for salaried individuals and businesses. The vote will decide on whether the people are standing with Wickremesinghe on the economic reforms.

How is Sri Lanka presidential election held?

Presidents are chosen throgh direct franchise in Sri Lanka. In theory, Sri Lanka has a 'ranked voting' system whereby voters can mark their preferecne for candidates. But in practice, only one candidate is marked in the ballot.

(With inputs from agencies)