Early official results in Sri Lanka's presidential election show that Marxist lawmaker Anura Kumara Dissanayake is leading, but he is still short of the 50% needed for victory. The election, held on Saturday, is crucial for the country as it seeks to recover from its worst economic crisis and political upheaval.
The election, contested by 38 candidates, was mainly a three-way race among Dissanayake, incumbent liberal President Ranil Wickremesinghe, and opposition leader Sajith Premadasa. Dissanayake is currently leading with 47% of total votes counted, followed by Premadasa with nearly 28% and Wickremesinghe with 15%.
Foreign Minister Ali Sabry congratulated Dissanayake and expressed hope that he would lead with transparency, integrity, and the long-term good of the country. However, neither Wickremesinghe nor Premadasa has conceded defeat.
If no candidate secures at least 50% of the total votes, there will not be a separate runoff. The Sri Lankan election system allows voters to select three candidates on their ballots in order of preference. The top two candidates will be retained if no majority is secured, and the ballots of eliminated candidates will be checked for preferences given to either of the top two candidates.
The election was a virtual referendum on Wickremesinghe’s leadership in restructuring Sri Lanka’s debt under an IMF bailout program after defaulting in 2022. Dissanayake leads the left-leaning coalition National People’s Power, comprising civil society groups, professionals, Buddhist clergy, and students.
No major incidents were reported during the vote, but a countrywide curfew was declared until midday Sunday as a precaution. Final results are expected Sunday evening, with 17 million eligible voters.
The government announced reaching an agreement in principle with private bondholders, marking the final hurdle in debt restructuring. Despite improvements in economic figures, Sri Lankans are grappling with high taxes and living costs.
Both Premadasa and Dissanayake have pledged to renegotiate the IMF deal to ease austerity measures, while Wickremesinghe has cautioned against altering the agreement, which could delay crucial financial support.
Sri Lanka’s economic crisis stemmed from excessive borrowing on non-revenue-generating projects, compounded by the impact of the COVID-19 pandemic and the government's use of foreign reserves to support the currency. The collapse led to severe shortages of essentials and rioting, prompting the resignation of the former president.
Wickremesinghe was elected by a parliamentary vote in July 2022 to complete the remainder of the former president's term.
