As Sri Lanka approaches a pivotal presidential election, Anura Kumara Dissanayaka, the frontrunner and leader of the Marxist People’s Liberation Front (PLF), has assured voters that his party will not abandon the country’s $2.9 billion International Monetary Fund (IMF) bailout agreement. Instead, the PLF intends to renegotiate terms within the existing framework.
Bimal Ratnayake, a member of the PLF’s politburo, emphasized the binding nature of the IMF program while noting that it includes provisions for renegotiation. “Our plan is to engage with the IMF and introduce certain amendments,” he stated, reinforcing the party’s commitment to managing the country’s economic recovery without dismantling the existing bailout.
Dissanayaka has proposed significant tax reductions, including a rollback of income tax increases that were implemented under the current administration led by President Ranil Wickremesinghe. He aims to cut sales taxes on essential items such as food and medicines, which many voters have found burdensome amid the economic hardships faced by the nation.
Concerns have been raised by Dissanayaka’s opponents, who fear that his Marxist agenda could jeopardize the country’s fragile economic stability and risk a return to the chaos experienced in 2022. That year, Sri Lanka faced severe shortages of essential goods due to a foreign exchange crisis, resulting in widespread protests that ultimately led to the resignation of then-President Gotabaya Rajapaksa.
As of now, Dissanayaka has secured 60.21% of the votes counted from approximately 164,000 ballots, with overall turnout reported at around 76% of the 17.1 million eligible voters. Final results are expected later in the day, as the country relies on manual counting due to the absence of electronic voting systems.
In a precautionary measure, authorities have imposed an eight-hour evening curfew while the results are being announced to maintain order and prevent unrest. Wickremesinghe, who is also vying for another term, has been credited with stabilizing the economy after the turmoil of 2022 and is seeking to continue his austerity measures to solidify that progress.
The outcome of this election could mark a significant shift in Sri Lanka’s political landscape, as Dissanayaka would become the first Marxist president in the country’s history if he secures victory. His administration’s approach to the IMF deal will be closely watched, especially as the nation grapples with the challenges of economic recovery and public sentiment surrounding austerity measures.
As the counting continues, both local and international observers are keenly monitoring the developments, particularly given the historical context of recent economic crises in Sri Lanka and the potential implications for future governance and policy direction.
