Sri Lanka has elected Marxist-leaning Anura Kumara Dissanayake as its new president, placing trust in his promises to combat corruption and revitalize the country’s fragile economy, which has been struggling since a devastating financial crisis in 2022. Dissanayake, 55, emerged victorious with 42.3% of the votes, defeating incumbent President Ranil Wickremesinghe and opposition leader Sajith Premadasa. This marks a significant improvement from his 3% vote share in the 2019 election.
The election was a referendum on Wickremesinghe, whose austerity measures were seen as necessary for economic recovery but unpopular with voters. He finished third with only 17% of the vote. Dissanayake’s main rival, Premadasa, secured 32.8% in the first round, leading to a historic second round of counting— the first in Sri Lanka’s electoral history —as no candidate achieved the required 50% majority.
Sri Lanka’s economy collapsed in 2022 due to a severe foreign exchange shortage, leaving it unable to import essential goods like fuel and medicine. The crisis led to massive protests and the resignation of then-President Gotabaya Rajapaksa. Dissanayake’s victory is seen as a continuation of the 2022 public uprising against the political establishment.
Dissanayake, leader of the National People’s Power alliance, campaigned on promises of anti-corruption reforms and pro-poor policies. He vowed to renegotiate aspects of a $2.9 billion International Monetary Fund (IMF) bailout and ease the burden of austerity measures while maintaining Sri Lanka’s commitment to repaying its debts.
Although Sri Lanka’s economy has shown signs of recovery, with inflation falling to 0.5% from a peak of 70%, millions still suffer from poverty, and the high cost of living remains a central issue. The new president faces the challenge of adhering to the IMF programme until 2027 to stabilize the economy, attract investment, and lift a significant portion of the population out of poverty.
