Sri Lanka votes in first poll since economic collapse

People arrive at a polling station during voting in Sri Lanka's presidential election in Colombo on September 21, 2024. --Ishara S. KODIKARA / AFP

COLOMBO—Cash-strapped Sri Lanka was voting for its next president Saturday in an effective referendum on an unpopular International Monetary Fund (IMF) austerity plan enacted after the island nation’s unprecedented financial crisis.

President Ranil Wickremesinghe is fighting an uphill battle for a fresh mandate to continue belt-tightening measures that stabilized the economy and ended months of food, fuel and medicine shortages.

His two years in office restored calm to the streets after civil unrest spurred by the downturn in 2022 saw thousands storm the compound of his predecessor, who promptly fled the country.

“We must continue with reforms to end bankruptcy,” Wickremesinghe, 75, said at his final rally in the capital Colombo this week.

“Decide if you want to go back to the period of terror, or progress.”

But Wickremesinghe’s tax hikes and other measures, imposed per the terms of a $2.9-billion IMF bailout, have left millions struggling to make ends meet.

“The country needs new leadership,” newspaper vendor Sunil told AFP. “We need change.”

Sri Lanka’s president and independent presidential candidate Ranil Wickremesinghe (L) attends a an election rally ahead of the upcoming presidential elections in Colombo on September 18, 2024. Sri Lanka’s right-wing President Ranil Wickremesinghe, who seeks re-election this week, describes himself as the “designated survivor” capable of salvaging the economically troubled nation. Critics, however, say the 75-year-old six-time prime minister has been the beneficiary of circumstances, rising the ranks via power vacuums left by assassinations and resignations. –AFP

Tipped to lose

Wickremesinghe is tipped to lose to one of two formidable challengers including Anura Kumara Dissanayaka, the leader of a once-marginal Marxist party tarnished by its violent past.

Sri Lanka’s crisis has proven an opportunity for the 55-year-old Dissanayaka, who has seen a surge of support based on his pledge to change the island’s “corrupt” political culture.

Fellow opposition leader Sajith Premadasa, 57, the son of a former president assassinated in 1993, is also expected to make a strong showing.

“There is a significant number of voters trying to send a strong message … that they are very disappointed with the way this country has been governed,” Murtaza Jafferjee of think tank Advocata told AFP.

A total of 39 people are contesting the vote, including one 79-year-old candidate who remains on the ballot despite dying of a heart attack last month.

More than 17 million people are eligible to vote in the election, with more than 63,000 police deployed to guard polling booths and counting centers.

“We also have anti-riot squads on standby in case of any trouble, but so far everything is peaceful,” police spokesperson Nihal Talduwa said.

‘Wild elephants’

“In some areas, we have had to deploy police to ensure polling booths are safe from wild animals, especially wild elephants.”

Dozens of people were lining up outside polling stations in Colombo before voting began.

Polls close at 4 p.m. (1030 GMT) with counting to begin on Saturday evening.

A result is expected on Sunday.

‘Not out of the woods’

Economic issues dominated the eight-week campaign, with public anger widespread over the hardships endured since the peak of the crisis two years ago.

Official data showed that Sri Lanka’s poverty rate doubled to 25 percent between 2021 and 2022, adding more than 2.5 million people to those already living on less than $3.65 a day.

Experts warn that Sri Lanka’s economy is still vulnerable.

The IMF said reforms enacted by Wickremesinghe’s government were beginning to pay off, with growth slowly returning.

“A lot of progress has been made,” the IMF’s Julie Kozack said. “But the country is not out of the woods yet.”