The Sri Lankan elections commission has received a record number of 39 applications from candidates for the upcoming presidential election, which is slated for September 21. This election will play a crucial role in determining the country’s economic future as it grapples with an unprecedented financial crisis.
The current President, Ranil Wickremesinghe, has implemented challenging economic reforms aimed at improving key economic indicators. While these reforms have shown some positive effects, many ordinary citizens are yet to benefit from them. Sri Lanka is currently undergoing a critical debt restructuring and financial reform program supported by the International Monetary Fund.
The nation has been facing severe challenges like unsustainable debt, a balance of payments crisis, and the lingering impacts of the COVID-19 pandemic. These issues, coupled with the government’s decision to use foreign reserves to stabilize the rupee, have led to a scarcity of foreign currency and essential goods like fuel, medicine, and food in 2022.
The economic turmoil and resulting shortages triggered unrest, ultimately leading to the resignation of former President Gotabaya Rajapaksa. Wickremesinghe, who succeeded Rajapaksa, is now seeking approval for his economic agenda in the upcoming election. Despite inflation dropping significantly under his administration and external creditors agreeing to defer debt repayments, there are concerns about high taxes and the cost of living.
Wickremesinghe faces tough competition from opposition leader Sajith Premadasa and Anura Dissanayake, among others. One notable candidate is Namal Rajapaksa, the son of former President Mahinda Rajapaksa and nephew of the ousted President Gotabaya Rajapaksa. His candidacy will reflect the enduring support for the Rajapaksa family, which has been a dominant political force in Sri Lanka since gaining independence from Britain in 1948. Mahinda Rajapaksa’s leadership in ending a lengthy civil war during his presidency from 2005 to 2015 significantly boosted his family’s popularity.
