COLOMBO, Sri Lanka — Sri Lanka’s elections commission has approved a record 39 candidates for next month’s presidential election, which will determine the future of the country’s financial reforms amid an unprecedented economic crisis.
R.M.A.L. Rathnayake, the head of the commission, confirmed that all 39 applications were accepted. Over 17 million voters are eligible for the September 21 election.
In comparison, 35 candidates ran in the previous presidential election in 2019.
This election is being viewed as a referendum on the challenging economic reforms implemented by current President Ranil Wickremesinghe. While these reforms have improved key economic indicators, their benefits have not yet reached many ordinary citizens.
Sri Lanka is undergoing significant debt restructuring and financial reforms as part of an International Monetary Fund bailout. The country faced a severe economic crisis in 2022 due to unsustainable debt, a balance of payments crisis, the ongoing impact of COVID-19, and the government’s use of scarce foreign reserves to support the rupee, leading to shortages of essentials like fuel, medicine, cooking gas, and food.
These shortages led to riots, which forced then-President Gotabaya Rajapaksa to flee and resign. Wickremesinghe was then elected by Parliament to complete Rajapaksa’s term.
Under Wickremesinghe’s administration, inflation has decreased to around 5% from 70% two years ago. Interest rates have fallen, the rupee has strengthened, and foreign reserves have increased. Creditors such as India, Japan, and France have agreed to postpone debt repayments until 2028, giving Sri Lanka room to recover its economy.
However, negotiations with private creditors are ongoing. Professionals and businesses are facing higher taxes, and the high cost of living continues to affect everyone. Some critics accuse Wickremesinghe of shielding allegedly corrupt former administration members in exchange for their support for his reforms.
Key rivals to Wickremesinghe include opposition leader Sajith Premadasa and Anura Dissanayake, leader of a leftist party gaining popularity among those blaming traditional parties for the economic issues.
Namal Rajapaksa, son of former President Mahinda Rajapaksa and nephew of ousted President Gotabaya Rajapaksa, is another notable candidate. His candidacy will test the remaining support for the Rajapaksa family following their political decline amid the economic crisis.
The Rajapaksa family has been a significant force in Sri Lankan politics since the country’s democratic transition after gaining independence from Britain in 1948. Mahinda Rajapaksa’s leadership in ending a 26-year civil war during his presidency (2005-2015) elevated his family to prominence.
