Marxist-leaning Anura Kumara Dissanayake and opposition leader Sajith Premadasa are headed to a run-off for Sri Lanka’s presidency after failing to win the mandatory 50% of votes in the election. Incumbent President Ranil Wickremesinghe has been disqualified, with Dissanayake polling at 39.5% and Premadasa at 34%. This election comes after the country faced economic hardships in 2022, resulting in protests and overthrowing the previous president.
Dissanayake campaigned as a candidate of change, promising to dissolve parliament and implement new policies if elected. He initially worried investors with his manifesto proposing tax cuts and debt restructuring, but reassured that his plans will be formulated in consultation with the IMF. Premadasa also pledged to renegotiate the IMF deal and focus on reducing living costs.
The Sri Lankan economy, supported by the IMF, has shown signs of recovery with expected growth this year and low inflation. However, high living costs remain a concern, with millions living in poverty. Both candidates have promised to address these issues, with Dissanayake focusing on anti-corruption and pro-poor policies, while Premadasa targets tax changes to reduce living costs.
The winner of this election will need to continue with the IMF programme until 2027 to stabilize the economy, repay debt, attract investors, and lift a quarter of the population out of poverty. The election saw a voter turnout of 75% and was peaceful, with a curfew imposed until noon for precautionary measures. Both candidates are key players in shaping the future direction of Sri Lanka’s economic and political landscape.
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