Sri Lankan president fate hangs in balance

COLOMBO:

Sri Lankan President Ranil Wickremesinghe failed on Monday to secure the backing of the biggest political party in parliament for his re-election bid, posing a major challenge to his prospects in the Sept 21 vote.

Nearly 17 million of Sri Lanka's 22 million population are eligible to cast ballots in the vote that is crucial to determine the future of reforms in the South Asian island nation weathering its worst financial crisis in decades.

Of the various candidates, Wickremesinghe is seen as the most market- and reform-friendly option. He took over the top job in July 2022 as the economy crumbled under a severe financial crisis triggered by a record shortfall of foreign exchange reserves.