Dissanayake takes commanding lead in Sri Lanka presidential race

Anura Kumara Dissanayake, Sri Lanka's Marxist-leaning leader, gained an early lead on Sunday in his campaign to become the country's next president. Sri Lanka, burdened by debt, is looking for a leader to strengthen its fragile economic recovery. Election Commission data revealed that Dissanayake secured about 53% of the first million votes counted, while opposition leader Sajith Premadasa trailed at 22%, with President Ranil Wickremesinghe in third.

Approximately 75% of the 17 million eligible voters in the Indian Ocean island nation participated in the election, held on Saturday, according to official reports. Dissanayake ran as the candidate for the National People's Power (NPP) alliance, which includes his Marxist-influenced Janatha Vimukthi Peramuna (JVP) party. The JVP has traditionally advocated for stronger state control, lower taxes, and more protectionist economic policies.

Although the JVP holds just three seats in parliament, Dissanayake, aged 55, gained support through his pledges to combat corruption and introduce pro-poor policies. He positioned himself as a candidate for change, vowing to dissolve parliament within 45 days of assuming office in order to seek a new mandate for his policies in a general election.

Foreign Minister Ali Sabry commented on X, acknowledging the results: "Though I strongly supported President Ranil Wickremasinghe, the people of Sri Lanka have spoken, and I fully respect their choice of Anura Kumara Dissanayake."

This election is the first since the country's economic collapse in 2022, triggered by a severe foreign exchange shortage that left Sri Lanka unable to afford essential imports like fuel, medicine, and cooking gas. Widespread protests in Colombo that year forced then-President Gotabaya Rajapaksa to flee and resign.

Sri Lanka's economy, propped up by a $2.9 billion bailout from the International Monetary Fund (IMF), has shown some signs of recovery. Despite inflation dropping to 0.5% last month from a peak of 70%, the cost of living remains a pressing concern for many voters. Although the economy is projected to grow in 2024 for the first time in three years, millions remain in poverty, and many are looking to the next president to improve their circumstances.

The incoming president will be tasked with maintaining Sri Lanka’s IMF programme, which runs until 2027, to secure stable economic growth, manage debt repayment, attract investors, and help lift a quarter of the population out of poverty. In his manifesto, Dissanayake, renowned for his powerful speeches, promised tax cuts that could disrupt fiscal targets, raising concerns among investors about his economic policies. However, during his campaign, he adopted a more moderate tone, stating that any changes would be made in consultation with the IMF, and reaffirming his commitment to repaying the country's debt.