The election, dubbed a three-cornered contest between Mr. Wickremesinghe, Mr. Dissanayake, and Mr. Premadasa of the Samagi Jana Balawegaya (SJB).
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Marxist-oriented Anura Kumara Dissanayake and opposition leader Sajith Premadasa are set to compete in a run-off for the presidency of Sri Lanka, as announced by the election authority on Sunday. A second round of counting will be conducted to ascertain the victor through preferential voting. This marks a historic moment for Sri Lanka, as it is the first instance where the presidential election will be resolved through a second counting process, following the inability of the leading candidates to secure the requisite 50% of the votes needed for an outright victory.
A second round of vote counting is underway between Anura Kumara Dissanayake, who has Marxist inclinations, and opposition leader Sajith Premadasa, to ascertain the victor of Sri Lanka’s presidential election. No candidate achieved the requisite 50 percent of the votes necessary for a definitive win. The electoral system in Sri Lanka permits voters to rank up to three candidates according to their preferences on the ballot.
In the event that no candidate attains 50 percent in the initial count, a subsequent round of counting is conducted to identify the winner among the two leading candidates, utilizing the preferential votes. Economic conditions have been a primary concern for voters, as many face difficulties in making ends meet due to stringent austerity measures implemented following a $2.9 billion emergency loan from the International Monetary Fund (IMF).
Sri Lanka Elections Result 2024 LIVE Updates: Anura Kumara Dissanayake, representing a left-leaning ideology, is currently at the forefront of the election, having obtained 49% of the approximately 6 million votes counted thus far, as reported by the Sri Lanka Elections Commission at 12:31 PM on Sunday. The leader of the opposition party, Sajith Premadasa, holds the second position with 29.88% of the votes. Dissanayake is on the verge of securing victory in the Sri Lanka Presidential elections, having garnered 52% of the votes by 7 AM on Sunday. In contrast, the incumbent President, Ranil Wickremesinghe, is significantly behind, with only 235,000 votes, representing 16%. Sri Lankans cast their votes on Saturday to select the nation’s 10th president, marking the first election following the severe economic crisis of 2022, which resulted in a loan default.
The election outcome distinctly indicates that the movement we observed in 2022 remains active,” stated Pradeep Peiris, a political scientist at the University of Colombo. “The electorate has cast their votes in accordance with their desires for alternative political practices and institutions. AKD, known as Dissanayake, embodies these aspirations, and the public has united in support of him.” Dissanayake, aged 55, has positioned himself as the candidate of transformation for those suffering under austerity measures associated with a $2.9 billion bailout from the International Monetary Fund. He has pledged to dissolve parliament within 45 days of assuming office to seek a renewed mandate for his policies in the upcoming general elections.
His manifesto, which includes a commitment to reduce taxes in the island nation, has raised concerns among investors, as it may affect the fiscal targets set by the IMF and involve a $25 billion debt restructuring. However, throughout his campaign, he adopted a more conciliatory stance, asserting that any modifications would be made in collaboration with the IMF and reaffirming his dedication to ensuring debt repayment. Premadasa has also committed to renegotiating the terms of the IMF agreement.
Dissanayake and Sri Lanka’s economic trajectory..
Ahilan Kadirgamar, a senior lecturer at the University of Jaffna, asserts that a presidency under Dissanayake would encounter significant challenges in altering Sri Lanka’s economic direction. Kadirgamar informed Al Jazeera that “he would need to renegotiate the IMF agreement and seek substantially greater debt relief from Sri Lanka’s creditors, including bondholders.” Furthermore, he emphasized the necessity of prioritizing support for rural constituencies that have been adversely affected by the economic crisis.
Regarding regional relations, Kadirgamar noted that amidst the intense geopolitical rivalry among India, China, and the United States, Dissanayake must devise a non-aligned policy that aligns with Sri Lanka’s interests. In discussing the implications for Sri Lanka’s Tamil community, Kadirgamar remarked, “In the northern and eastern regions, Tamil nationalists presented a common Tamil candidate to avoid involvement in national politics; however, this strategy resulted in a significant defeat, as they failed to secure even a single electoral district.” He concluded that Tamil politics is likely to undergo fragmentation and transformation with the upcoming parliamentary elections, mirroring the shifts occurring in southern politics as the old guard is replaced.
‘Dissanayake walking a tight rope’..
Ashwin Hemmathagama, the New York correspondent for Daily FT, a Sri Lankan business publication, informed Al Jazeera that Dissanayake could face numerous challenges should he assume the presidency. He pointed out the constraints on financial flexibility and the need for debt restructuring, emphasizing that public expectations will be exceedingly high. Hemmathagama remarked, “If the government led by a new president attempts to implement alternative economic strategies that undermine the existing IMF agreement and reverse the difficult measures and reforms instituted by the previous administration, the nation could experience a severe downturn within approximately three months.” He elaborated, “This is primarily due to the fact that Sri Lanka’s current external reserves can only sustain about three months’ worth of imports.” “Last month, Sri Lanka’s foreign reserves were reported to be around $6 billion, indicating that Dissanayake is navigating a precarious situation.”
The crisis of poverty affecting millions of individuals..
Supported by the agreement with the International Monetary Fund, Sri Lanka’s economy has shown signs of a cautious recovery. It is anticipated to experience growth this year for the first time in three years, with inflation plummeting to 0.5% from a crisis peak of 70%. However, the persistent high cost of living remains a significant concern for many voters, and millions continue to live in poverty, with many placing their hopes for a better future on the next leader. The voting process was conducted peacefully, although authorities imposed a curfew across the island nation until noon (0630 GMT) as a precautionary measure while the vote counting was underway. Approximately 75% of the 17 million eligible voters participated in the election, according to the electoral commission. Dissanayake, recognized for his compelling speeches, ran as a candidate for the National People’s Power alliance, which includes his Marxist-leaning Janatha Vimukthi Peremuna party. Historically, Dissanayake’s party has advocated for increased state intervention, reduced taxes, and more protectionist economic policies. Despite the JVP holding only three seats in parliament, Dissanayake gained momentum through his pledges of stringent anti-corruption measures and more pro-poor initiatives. He attracted large crowds at rallies, urging Sri Lankans to move beyond the hardships of the crisis. Premadasa, 57, entered the political arena following the assassination of his father, President Ranasinghe Premadasa, in a suicide bombing in 1993. In the last presidential election of 2019, the younger Premadasa secured 42% of the votes, finishing second to Rajapaksa. Premadasa’s centre-left party has proposed tax reforms aimed at alleviating living costs. Support from agricultural communities in northern and central Sri Lanka has enabled him to narrow the gap with Dissanayake as the counting progressed. The eventual winner will need to ensure that Sri Lanka adheres to the IMF program until 2027 to establish a stable growth trajectory for the economy, restore market confidence, manage debt repayment, attract investment, and assist a quarter of the population in escaping poverty.
