A man waves the Sri Lankan national flag after climbing a tower near the presidential secretariat in Colombo on July 11, 2022, after it was seized by anti-government protesters. (Photo by ARUN SANKAR/AFP via Getty Images)
Arun Sankar | Afp | Getty Images
Sri Lanka’s Marxist leader Anura Kumara Dissanayake won a commanding lead on Sunday in his bid to become the next president of the debt-ridden country as it seeks to elect a leader to boost its fragile economic recovery.
Dissanayake won about 53 percent of the one million votes that have been counted so far in the election, according to data from the Election Commission of Sri Lanka. Opposition leader Sajith Premadasa was second with 22%, ahead of President Ranil Wickremesinghe in third place.
About 75% of the eligible 17 million people in the Indian Ocean island nation voted in Saturday’s election, according to the polling agency.
Dissanayake ran as a candidate for the National People’s Power (NPP) alliance, which includes his Marxist Janatha Vimukthi Peremuna Party (JVP) which has traditionally advocated stronger state intervention, lower taxes and more closed market economic policies.
Although the JVP party has just three seats in parliament, 55-year-old Dissanayake has been boosted by his promises of tough anti-corruption measures and more pro-poor policies.
He presented himself as the candidate of change, promising to dissolve parliament within 45 days of coming to power in order to seek a new mandate for his policies in a general election.
“After a long and arduous campaign, the election results are now clear,” Foreign Minister Ali Sabri told X.
“Although I campaigned hard for President Ranil Wickremasinghe, the people of Sri Lanka have made their decision and I fully respect their mandate for Anura Kumara Dissanayake.”
These were Sri Lanka’s first elections since the economy buckled in 2022 due to a severe shortage of foreign exchange, leaving the country unable to pay for imports of essential items including fuel, medicine and cooking gas.
Thousands of protesters marched in Colombo in 2022 and occupied the president’s office and residence, forcing then-president Gotabaya Rajapaksa to flee and later resign. Buoyed by a $2.9 billion bailout from the International Monetary Fund (IMF), the economy has shown a tentative recovery, but the high cost of living was still a critical issue for many voters.
Although inflation eased to 0.5% last month from a crisis high of 70%, and the economy is forecast to grow in 2024 for the first time in three years, millions of people remain mired in poverty, with many hoping for a better future to the next leader.
The winner will have to ensure that Sri Lanka adheres to the IMF’s program until 2027 to put its economy on a steady growth path, reassure markets, repay debt, attract investors and help a quarter of population to escape poverty.
In his manifesto, Dissanayake, known for his ability to deliver sensational speeches, has pledged to cut taxes that will affect fiscal targets, leaving investors and market participants worried about his economic policies.
However, during campaign speeches he took a more conciliatory approach, saying any changes would be made in consultation with the IMF and that he was committed to ensuring the debt was repaid.