Sri Lanka’s Presidential vote: Will economic troubles decide outcome?

Two years ago, Sri Lanka faced a severe economic crisis. Millions of people struggled just to get basic items like cooking gas, fuel, and food.  

Fathima Shiyama, who sells food from a cart, remembers waiting in long lines for days just to buy what her family needed. The country was in chaos, and inflation had skyrocketed to 70%. Now, as Sri Lanka prepares for an important presidential election, the state of the economy is still on everyone’s mind.

Recovery under president Wickremesinghe

President Wickremesinghe will face two main rivals: Sajith Premadasa and Anura Dissanayake. (AP photo)

Since President Ranil Wickremesinghe took charge, the economy has shown signs of improvement. There are no more shortages of food or fuel, and inflation has come down. 

Recently, the government announced that it has finished restructuring its debt, which is a big step in stabilizing the economy. The finance ministry said that they have reached agreements on restructuring international loans, which will help the country move forward.

Despite these improvements, many Sri Lankans are still finding it hard to make ends meet. Shiyama, for example, still doesn’t earn enough to cover her monthly expenses and medical bills for her sick daughter. She has been forced to borrow money from loan sharks at very high interest rates just to survive.

The upcoming election

While inflation has decreased, life is still tough for many ordinary people. (AP photo)

In the upcoming election on Saturday, President Wickremesinghe will face two main rivals: opposition leader Sajith Premadasa and Anura Dissanayake, who leads a growing Marxist coalition. This election is seen as a chance for voters to decide whether Wickremesinghe has done enough to fix the economy.

In the past, Sri Lankans often voted based on religion or ethnicity. But this time, many people are more focused on the economy. 

The rising cost of living and limited job opportunities have pushed many to borrow money or even leave the country in search of a better life. While inflation has decreased, life is still tough for many ordinary people.

Rebuilding after Rajapaksa

he outcome of this election could shape the future of Sri Lanka’s economy and its people. (Reuters photo)

In 2022, Sri Lanka’s economic collapse led to massive protests, which eventually forced then-president Gotabaya Rajapaksa to flee the country. Wickremesinghe stepped in and began the tough job of rebuilding the economy. He negotiated with international creditors to restructure Sri Lanka’s huge debt, which is expected to bring in over $17 billion in relief.

While the debt restructuring is good news, many people are unhappy with how the government has handled raising money.

To meet the conditions of the International Monetary Fund’s (IMF) bailout program, the government increased electricity rates and imposed heavy taxes on businesses and professionals. These changes have made life even harder for many households already struggling to get by.

All the candidates in the election are promising to lead Sri Lanka to a better future. They’ve talked about developing new industries, improving agriculture, and create jobs. But voters are skeptical, remembering past elections when politicians made big promises but failed to deliver once they were in power.

Looking ahead with uncertainty

All the candidates in the election are promising to lead Sri Lanka to a better future. (AP photo)

Many Sri Lankans, like Shiyama, are hoping for better days ahead, but they know it won’t happen overnight. The outcome of this election could shape the future of Sri Lanka’s economy and its people. The big question is whether the next president can help the country recover fully from the crisis or if the struggles will continue.

As Sri Lanka prepares for this important election, everyone is watching closely to see what will happen next. The hope is that the new president will make decisions that benefit all Sri Lankans, not just a few, and guide the country towards real recovery.

(With inputs from AP)

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