Anura Kumara Dissanayake, a prominent Marxist-leaning political figure, has emerged as the frontrunner in Sri Lanka’s presidential election as half of the votes have been tallied. With 40% of the six million ballots counted on Sunday, Dissanayake appears to have outpaced opposition leader Sajith Premadasa, who secured 33%, while the incumbent President Ranil Wickremesinghe is lagging behind with 17%, according to the country’s Election Commission.
Final results are expected to be announced later in the day. However, if no candidate surpasses the 50% mark, a second round of counting based on preferential votes will determine the winner between the top two contenders.
This election marks a pivotal moment for Sri Lanka, which is still grappling with the aftermath of its 2022 economic collapse. The nation faced a severe foreign exchange crisis, leading to a scarcity of essential imports like fuel, medicine, and cooking gas. The resulting public outcry forced then-President Gotabaya Rajapaksa to flee the country and subsequently resign.
Political analyst Pradeep Peiris from the University of Colombo highlighted the significance of the election result, noting that it reflects the continuation of the 2022 protests. “The aspirations for political change and reforms are still strong,” Peiris said. He emphasized that Dissanayake, popularly known as “AKD,” embodies these desires, and people have rallied around his vision for a new political direction.
Dissanayake, 55, has positioned himself as a candidate of change, pledging to dissolve parliament within 45 days if elected and call for fresh general elections to secure a new mandate for his policies. His platform has raised concerns among investors due to his proposals to cut taxes, potentially affecting the country’s fiscal targets under a $2.9 billion IMF bailout. However, Dissanayake assured voters that any policy changes would be coordinated with the IMF, with a commitment to repay Sri Lanka’s debts.
Opposition leader Sajith Premadasa also expressed a willingness to renegotiate the terms of the IMF agreement.
Despite tentative signs of economic recovery, including a forecast for growth in 2024 and inflation dropping from a peak of 70% to 0.5%, the high cost of living remains a central concern for many voters. Millions of Sri Lankans still face grinding poverty, with many looking to the new leadership to deliver a better future.
Voting proceeded peacefully, though authorities imposed a curfew across the country until midday as a precaution while votes were being counted. Around 75% of the 17 million eligible voters participated in the election, according to the Election Commission.
Dissanayake, running under the National People’s Power alliance, represents the Marxist-leaning Janatha Vimukthi Peremuna (JVP) party, known for its advocacy of state intervention, lower taxes, and protectionist economic policies. Although the JVP holds only three parliamentary seats, Dissanayake’s campaign promises of anti-corruption reforms and pro-poor policies resonated widely. His rallies drew large crowds eager to leave behind the hardships of recent years.
Sajith Premadasa, 57, entered politics after the assassination of his father, President Ranasinghe Premadasa, in a 1993 suicide bombing. In the last presidential election in 2019, Premadasa garnered 42% of the vote, finishing second to Gotabaya Rajapaksa. His centre-left platform has focused on tax reforms aimed at reducing the cost of living, and support from rural farming communities helped him narrow the gap with Dissanayake as vote counting continued.
Whoever wins will face the immense challenge of steering Sri Lanka through its ongoing IMF programme, set to run until 2027, to stabilize the economy, reassure investors, and help lift a quarter of the population out of poverty.
