Sri Lankans Elect Marxist-Leaning Dissanayake as President to Address Economic Issues, Reports Reuters

Sri Lanka Elects New President Amid Calls for Economic Reform

Sri Lanka has elected Anura Kumara Dissanayake, a candidate with Marxist leanings, as its new president. His victory marks a significant shift as citizens expressed their desire for change, particularly in combatting corruption and fostering a fragile economic recovery following the nation’s most severe financial crisis in decades.

Dissanayake, 55, who lacks a political legacy compared to some of his opponents, maintained a consistent lead throughout the vote counting process, ultimately defeating incumbent President Ranil Wickremesinghe and opposition leader Sajith Premadasa. "We believe that we can turn this country around, build a stable government, and move forward. For me, this is not just a position; it is a responsibility," he stated after his win was confirmed through a secondary tally of votes.

The election served as a referendum on Wickremesinghe, who had been overseeing the country’s economic stabilization efforts after the financial collapse but faced backlash due to austerity measures that angered the electorate. He finished third, claiming only 17% of the vote.

In a gracious concession statement, Wickremesinghe remarked, "Mr. President, I hand over to you with much love, the dear child called Sri Lanka, whom we both love very dearly."

Dissanayake secured approximately 5.6 million votes, or 42.3%, a notable increase from the 3% he received in the previous presidential election in 2019. Premadasa trailed with 32.8%. This election was unprecedented in Sri Lanka’s history, as it required a second tally due to no candidate achieving the necessary 50% majority in the first count.

Under the electoral rules, voters cast three preferential votes for their preferred candidates. When no candidate reached the 50% threshold initially, a runoff was held using these preferential votes to determine the winner.

The voter turnout was around 75% of the 17 million eligible voters, as reported by the election commission. This election was also the first since the country’s economic collapse in 2022, which resulted in a lack of foreign currency needed for essential imports, leading to mass protests and the resignation of former President Gotabaya Rajapaksa.

Dissanayake campaigned as a reformist, promising to address the challenges posed by austerity related to a $2.9 billion IMF bailout and vowing to dissolve parliament within 45 days of taking office to seek a fresh mandate for his policies.

Political analysts noted that the recent electoral results reflect the continuous public desire for political change following the upheavals of 2022. "The election result clearly shows that the movement we witnessed is not over. People have voted in accordance with their aspirations for different political practices and institutions," said Pradeep Peiris, a political scientist at the University of Colombo.

Despite raising concerns among investors with his manifesto, which includes tax cuts that could disrupt IMF fiscal targets and a proposal for a $25 billion debt restructuring, Dissanayake moderated his stance during campaigning, emphasizing cooperation with the IMF and commitment to debt repayment.

Supported by the IMF agreement, Sri Lanka’s economy is slowly recovering and is projected to grow for the first time in three years, with inflation decreasing to 0.5% from a crisis high of 70%. However, high living costs remain a pressing issue, with many voters still struggling and looking to the new leader for hope.

Dissanayake represented the National People’s Power alliance, which includes the Janatha Vimukthi Peremuna party, known for its focus on anti-corruption and social welfare policies — messages that resonated with a populace seeking substantial reform.

As president, he will need to maintain the IMF program until 2027, ensuring economic stability, reassuring markets, repaying debts, attracting investment, and alleviating poverty for a significant portion of the population.

"The root cause of this country’s struggles is mismanagement. We believe that with a capable leader, we can achieve success in the future," remarked Janak Dias, a 55-year-old businessman.