IRIA News

5 minute read

Anura Kumara Dissanayake, the left-leaning Sri Lankan politician and leader of the National People’s Power (NPP) alliance emerged victorious in Sri Lanka’s presidential elections, after an unprecedented second round of counting. His win marks a pivotal moment for the nation grappling with severe economic hardships.

The 55-year-old Dissanayake, won the race with a total of 5,740,179 votes, defeating his closest rival, Sajith Premadasa, leader of the opposition Samagi Jana Balawegaya (SJB), who secured 4,530,902 votes. The second round of counting was necessitated by the fact that no candidate secured more than 50% of the votes in the first round. The winner was declared on September 22, 2024.

In the initial count, Dissanayake led with 42.31%, while Premadasa followed closely with 32.76%. This was a groundbreaking event in itself, as all eight presidential elections since 1982 had been decided in the first round.

This election is significant not just for its unique format but for the circumstances under which it took place. It was the first presidential election since the mass protests, known as the ‘Aragalaya’, which ousted Gotabaya Rajapaksa in 2022, following Sri Lanka’s worst economic crisis since independence.

Promise of change

Dissanayake, known for his tough stance on corruption and focus on good governance, positioned himself as a candidate for systematic change. “This victory belongs to us all,” he stated on the social media platform Twitter shortly after the final results were announced.

This morning (23rd), I took oath as the 9th Executive President of the Democratic Socialist Republic of Sri Lanka in the presence of Chief Justice Jayantha Jayasuriya at the Presidential Secretariat.

I promise to fulfill your responsibility to usher in a new era of Renaissance… pic.twitter.com/TFJuyh9SbC

— Anura Kumara Dissanayake (@anuradisanayake) September 23, 2024

Dissanayake’s primary focus will be on the economic challenges facing the country. During his campaign, he promised to develop key sectors like manufacturing, agriculture, and IT. He also committed to continuing the bailout deal with the International Monetary Fund (IMF), while working to reduce the burden of austerity measures on Sri Lanka’s most vulnerable populations.

Sri Lanka’s economy remains in a turbulent state. The nation’s foreign reserves dried up in 2022, leading to a shortage of essential goods such as fuel, medicine, and food. Inflation peaked at 70%, and the country’s public debt soared to $83 billion. Much of this debt, about $36 billion, is owed to foreign lenders, including $7 billion to China, Sri Lanka’s largest bilateral creditor.

The IMF bailout package worth $2.9 billion, secured by outgoing President Ranil Wickremesinghe, is seen as critical for unlocking additional funds from other international lenders. However, it comes with stringent economic and governance reforms that could further strain the population already suffering from austerity.

Dissanayake’s political background

Dissanayake’s victory is also notable given the violent history of his political party, the Janatha Vimukthi Peramuna (JVP). The JVP, a key member of the NPP alliance, led two armed insurrections against the Sri Lankan state in the 1970s and 80s, resulting in thousands of deaths.

Despite this, the party has undergone significant transformation, especially during the Aragalaya protests, where it rose to prominence as a voice for reform and governance. Dissanayake has worked to moderate the JVP’s image and its hard-left stance, appealing to a broader voter base seeking an alternative to traditional political elites.

The recent election was described as one of the most peaceful in Sri Lanka’s history, with 17 million eligible voters casting their ballots. Yet, in a reflection of the tense political climate, the police imposed a curfew citing “public safety”.

Despite Dissanayake’s early lead, the contest tightened as votes were counted, particularly when Premadasa began closing the gap. However, Dissanayake ultimately secured victory in the second round of counting, where voters’ second and third-choice preferences played a decisive role.

Incumbent President Ranil Wickremesinghe, who finished third in the first round with 17% of the vote, was eliminated from the second count. Wickremesinghe, who served as president following Rajapaksa’s resignation, graciously conceded defeat and congratulated his successor. “With much love and respect for this beloved nation, I hand over its future to the new president,” he said in a statement.

Challenges ahead for Sri Lanka

Sri Lanka’s new president faces the daunting task of navigating the nation through its most significant economic crisis in decades. The country’s foreign currency reserves are still depleted, and millions of Sri Lankans continue to face daily hardships due to inflation and unemployment.

Economic experts agree that restructuring the country’s debt, particularly the $36 billion in foreign obligations, will be a top priority for Dissanayake’s administration. However, balancing the IMF’s demands for fiscal discipline with the need to alleviate poverty and stimulate growth will be a delicate act.

Dissanayake and Premadasa have advocated for developing the IT sector and industrial zones to boost Sri Lanka’s economy. Premadasa had campaigned to establish 25 new industrial zones and aimed to make tourism Sri Lanka’s top foreign currency earner.

As the nation looks to its new leader, Dissanayake’s ability to implement his anti-corruption and governance reforms and his economic revival plan will determine Sri Lanka’s path forward. The people of Sri Lanka have placed their hopes in him to steer the country away from its current troubles and towards a more stable and prosperous future.