International

Sri Lanka Votes to Shape Economic Future Amid Crisis

Published

3 months ago

Sep 21, 2024.

Millions of Sri Lankans have headed to the polls on Saturday to elect a new president tasked with steering the nation’s fragile economic recovery after its most severe financial crisis in decades.

Out of the 22 million people in Sri Lanka, over 17 million are eligible to vote in this pivotal election, which has become a close race between incumbent President Ranil Wickremesinghe, main opposition leader Sajith Premadasa, and Marxist challenger Anura Kumara Dissanayake.

Voting kicked off at 7 a.m. (0130 GMT) and will close at 4 p.m. (1030 GMT), with counting starting soon after.

“All arrangements are finalised to hold the election at over 13,000 polling stations countrywide and 250,000 public officials will be deployed to manage the election,” R.M.L. Rathnayake, head of Sri Lanka’s election commission said.

This election marks the first since Sri Lanka’s economy collapsed in 2022 due to a severe foreign exchange shortage that left the country unable to afford essential imports like fuel, medicine, and cooking gas.

The crisis sparked massive protests in Colombo, where thousands of demonstrators stormed the president’s office and residence, leading to the ousting and resignation of former President Gotabaya Rajapaksa.

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With a $2.9 billion bailout from the International Monetary Fund (IMF), the economy has shown signs of recovery, though the high cost of living remains a pressing concern for many voters.

While inflation dropped to 0.5% last month and GDP growth is projected for 2024, millions still struggle with poverty and debt, placing their hopes on the new president.

Sri Lanka’s ranked voting system allows citizens to select three preferred candidates, with a candidate needing 50% or more of the votes to win outright.

If no candidate reaches this threshold, the election moves to a second round where the votes for other candidates are redistributed among the top two contenders.

Given the tight race, analysts expect this to be the likely outcome.

The winner, expected to be announced by Sunday, will face the daunting task of ensuring that Sri Lanka adheres to the IMF programme through 2027, stabilizing the economy, attracting investment, and helping a significant portion of the population emerge from crisis-driven poverty.

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