Anura Kumara Dissanayake Elected President as Voters Reject Old Guard

In a significant political shift, Anura Kumara Dissanayake has emerged victorious in Sri Lanka’s presidential election, marking a move away from the established political elite widely criticized for steering the country toward economic turmoil. The Election Commission confirmed his win on Sunday, highlighting a shift in voter sentiment as the nation grapples with its worst-ever economic crisis.

Dissanayake, a Marxist lawmaker whose campaigning resonated with younger voters through his pro-working class and anti-elite rhetoric, secured 5,740,179 votes against his closest rival, Sajith Premadasa, who received 4,530,902 votes. Incumbent President Ranil Wickremesinghe, who took charge two years ago during the depths of the crisis, was also a key contender.

The election, held this past Saturday, was pivotal as Sri Lanka seeks to recover from its dire economic situation. Dissanayake took to social media, expressing his gratitude for the collective effort that led to his victory, stating, “This achievement is not the result of any single person’s work, but the collective effort of hundreds of thousands of you.” He emphasized that the victory belonged to the people.

Wickremesinghe congratulated Dissanayake in a video address, expressing hope that he would be successful in continuing the recovery efforts initiated during his administration. This election functioned as a referendum on Wickremesinghe’s leadership, particularly his management of the country’s debt in collaboration with the International Monetary Fund. Sri Lanka defaulted on its debt in 2022, triggering a financial crisis.

While Dissanayake has vowed to renegotiate the terms of the IMF deal to ease the burden of austerity measures, Wickremesinghe cautioned that any changes might jeopardize essential funds from the IMF that are necessary for economic stability. In his exit remarks, Wickremesinghe noted, “I successfully completed the responsibility that history put on my shoulders. I was able to rescue my motherland from bankruptcy within a short period of two years.”

During Wickremesinghe’s term, inflation has decreased and both foreign reserves and the local currency have shown signs of recovery. An estimated 2 percent economic growth is anticipated this year, rebounding from a steep 7 percent decrease in 2022. Nonetheless, many Sri Lankans still struggle under the weight of high taxes and soaring living costs.

Voter sentiments reflect a longing for change, as noted by 58-year-old Ranuka Priyanthi, who expressed her hopes that Dissanayake could mend the damage inflicted by past economic mismanagement and corruption. “Throughout our lives, we have undergone a lot of hardships and our children are also suffering now,” she said, demonstrating the widespread public desire for improvement.

A political analyst, Jehan Perera, pointed out that Dissanayake faces the immediate challenge of stabilizing the economy while addressing anxieties from financial sectors regarding his revolutionary background. Dissanayake symbolizes the spirit of the 2022 protests that led to the ousting of former President Gotabaya Rajapaksa, reflecting the public’s demand for a new political landscape.

This win is notable for Dissanayake, who previously garnered only 3 percent of the votes in the 2019 presidential election. He leads the National People’s Power coalition, which is primarily represented by the Janatha Vimukthi Peramuna (People’s Liberation Front), a historical Marxist party that transitioned to democratic politics in the 1990s after failed revolutionary attempts.

His coalition encompasses a diverse group, including academics, civil society activists, artists, and students, who aim to drive change in the political landscape. Having first entered Parliament in 2000 and holding a position as agriculture minister under a prior administration, Dissanayake previously ran for president in 2019, losing to Rajapaksa.

As Dissanayake embarks on his presidency, the government reports recent progress in debt restructuring, having reached agreements with private bondholders. Sri Lanka was burdened with $83 billion in local and foreign debt at the time of its default, with the government claiming successful restructuring of more than $17 billion so far.

The economic crisis that led to these drastic measures stemmed primarily from reckless borrowing for unprofitable projects. Factors such as the COVID-19 pandemic and an insistence on maintaining currency value using scarce foreign reserves further exacerbated the financial decline.