Amid speculation by senior economists that the country needs to continue the economic progress achieved under the guidance of the International Monetary Fund (IMF), rather than amending those economic policies and reforms under a new Government, almost 17 million eligible voters are getting ready to cast their votes to elect a new President on September 21. This will be the first vote to be held since the country’s economic collapse in 2022.
The Election Commission (EC) notified in the Gazette that “15th August 2024 as the date of nominations of candidates for the Election of the President” and that “21st September 2024 as the date for holding the poll”.
The EC had announced the polls on Friday. President’s Counsel Ronald Perera on Friday placed bonds on behalf of President Ranil Wickremesinghe as an Independent candidate for the upcoming Presidential Election (PE).
The Sri Lanka Podujana Peramuna (SLPP) will decide on its candidate for the PE on Monday, according to SLPP office-bearers. They told the Sunday Observer that SLPP founder Basil Rajapaksa, former President Mahinda Rajapaksa, and the heads of SLPP district and central committees are currently in discussions.
“Former President Mahinda Rajapaksa will announce the SLPP candidate for the Presidency,” said an SLPP high-up.
Since becoming an Independent candidate, President Wickremesinghe has been garnering support from other political parties for his economic reform agenda.
It will be crucial for Wickremesinghe to gain the support of the SLPP, which has the most lawmakers in Parliament, according to analysts.
The SLPP has supported him unconditionally since Parliament elected him as the President to complete the remaining term of President Gotabaya Rajapaksa after he vacated his post in July 2022 amid a debilitating economic crisis and widespread protests.
President Wickremesinghe has since stabilised the economy, but higher taxes imposed under the IMF program, prolonged inflation, and austerity measures have been unpopular. Helped by a US$ 2.9 billion IMF bailout, President Ranil Wickremesinghe has revived the country’s economy. Inflation, which peaked at 70 percent in September 2022, has plummeted to 1.7 percent as of June this year. The Rupee has strengthened, and foreign exchange reserves have been replenished.
After a contraction of 2.3percent in 2023 and 7.3 percent during the height of the crisis, Sri Lanka’s economy is projected to grow by three percent this year.
The main Opposition contender, Samagi Jana Balawegaya (SJB) leader Sajith Premadasa, said that he would refine the IMF-Government program and reduce the heavy tax burden on the public.
Another key contender, Anura Kumara Dissanayake of the Janatha Vimukthi Peramuna (JVP) has pledged to implement anti-corruption measures and improve governance, promising stronger Government interventions and closed market economic policies.
Justice, Prison, and Constitutional Affairs Minister Dr. Wijeyadasa Rajapakshe will also run in the election as a candidate from a political alliance. He said he will announce his party symbol on August 1. He said that this election is crucial for the country’s survival or decline.
Former Army Chief Field Marshal Sarath Fonseka has pledged to crush corruption and boost the economy under his Government if he is elected as President.
