On Saturday, millions of Sri Lankans went to the polls to choose a new president, one who would have to work to solidify the nation’s shaky economic recovery after going through its worst financial crisis in decades.
Of the 22 million people living in Sri Lanka, over 17 million are eligible to vote in the upcoming presidential election, which is expected to be a tight race between incumbent President Ranil Wickremesinghe, head of the main opposition Sajith Premadasa, and challenger Anura Kumara Dissanayake, who leans Marxist.
Voting starts at 7 a.m. (0130 GMT) and closes at 4 p.m. (1030 GMT). Shortly after, the results will be tallied.
The president of Sri Lanka’s election commission, R.M.L. Rathnayake, told Reuters that “all arrangements are finalized to hold the election at over 13,000 polling stations countrywide and 250,000 public officials will be deployed to manage the election.”
This is the first election since the Indian Ocean island nation of Sri Lanka’s economy collapsed in 2022 due to a severe lack of foreign cash, making it impossible for the country to pay for the purchase of necessities like cooking gas, fuel, and medication.
In 2022, thousands of demonstrators marched through Colombo, occupying the president’s mansion and office. This forced the former president, Gotabaya Rajapaksa, to leave the country and eventually step down.
The International Monetary Fund (IMF)-backed $2.9 billion bailout program has supported Sri Lanka’s economy, however the country’s high cost of living continues to be a major concern for many voters.
Even though last month’s inflation dropped to 0.5% and 2024 GDP growth is expected for the first time in three years, millions of people still live in poverty and debt, with many looking to their next leader for a brighter future.
With three preference votes each for the candidates of their choice, voters in Sri Lanka can cast their ballots using a ranked voting method. The winner is the candidate who receives 50% of the total votes.
There is a second round of counting between the two front-runners if no candidate receives 50% of the vote in the first round. In this round, the preferential votes of the remaining candidates are redistributed. Analysts predict this outcome considering how close the election is.
Most likely on Sunday, the Election Commission will formally declare the winner.
Regardless of the election result, Sri Lanka will need to make sure it continues with the IMF program through 2027 in order to put its economy on a steady development trajectory, calm markets, draw in investors, and assist 25% of its 22 million people in escaping poverty brought on by the country’s crisis.
