Deepshikha Maan, Jadetimes Staff
D. Maan is a Jadetimes news reporter covering Asia
First Presidential Election Held in Sri Lanka Since Leader Ousted by Protests
In the middle of the greatest economic crisis in the nation's history, widespread protests in 2022 forced the outgoing president to resign. This year, Sri Lankans will vote to choose a new president. The election is viewed as a critical referendum on the economic changes intended to lead the nation back into prosperity.
Economic Difficulties Prior to the Election
Economic worries are predicted to play a major role in this Saturday's election, since many voters are still facing hardships as a result of tax increases, decreases in subsidies, and cuts to assistance. The people is still impacted by inflation and growing expenses even in the face of attempts to stabilize the economy.
Experts forecast that voters' main concerns will be finding ways to alleviate the financial difficulties. "This election is a pivotal moment for Sri Lanka's recovery and will shape domestic and international confidence in its governance," said Soumya Bhowmick, an expert with the Observer Research Foundation.
Important Participants in a High Stakes Race
Ranil Wickremesinghe, the president in office at the moment of the ouster of former president Gotabaya Rajapaksa, is running for reelection. After Rajapaksa left the nation, parliament appointed Wickremesinghe, who has subsequently carried out stringent economic reforms. His handling of the protest movement and his purported defense of the Rajapaksa family against legal action have been contentious aspects of his leadership, which he has refuted.
Wickremesinghe is up against stiff competition from a number of formidable opponents, such as opposition leader Sajith Premadasa and socialist politician Anura Kumara Dissanayake, who is garnering support for his anti-corruption stance. The nephew of the outgoing president, Namal Rajapaksa, is also a candidate; he represents a political dynasty that many hold responsible for the collapse of the economy.
The Financial Crisis and Its Repercussions
The election comes after the "Aragalaya" protests in 2022, which forced then President Rajapaksa to quit. A serious economic crisis brought on by years of poor policy, undertaxation, and depleting foreign reserves was the main source of the protests. Due to the economic collapse, food and medicine became scarce, especially for the common public, as inflation shot up to 70%.
Even though Wickremesinghe's policies have stabilized inflation and strengthened the rupee, a large portion of Sri Lankans continue to live in poverty. It's still hard to find a job, and small firms are having trouble rebounding. In sectors like construction where material costs have risen, the repercussions of the crisis are still being felt.
A historic second round in this election could occur
According to Sri Lanka's voting system, a candidate cannot win by an absolute majority. A second round of vote counting, which takes into consideration voters' second and third preferences, starts if no contender is able to accomplish this. Elections in Sri Lanka have never required a second round of voting in the past, but this year may be different. Experts predict that no candidate will win an absolute majority in the first count for the first time.
In an attempt to overcome its economic difficulties, Sri Lanka will be keenly monitoring the election results, which are anticipated early Sunday morning. With so many contenders for the presidency, the result will have a big impact on how the country goes forward.
