Sri Lanka will vote for its new president on Saturday, in an effective referendum on a controversial International Monetary Fund (IMF) austerity plan imposed following the island nation’s unparalleled financial crisis.
President Ranil Wickremesinghe, 75, is running for a new term after taking credit for stabilizing the economy and putting an end to months of food, fuel, and medication shortages.
He has also restored order to the streets after civil upheaval sparked by the slump in 2022 saw thousands attack his predecessor’s compound, following which he fled the country.
In the last days of the campaign, Wickremesinghe remarked, “Think of the time where all hope was destroyed… we didn’t have fuel, food, medicine, or any expectations.”
“You now have an option. Choose if you wish to advance or return to the terrifying time.”
To satisfy the conditions of a $2.9 billion IMF bailout, Wickremesinghe enforced tax rises and other austerity measures, which have left millions of people struggling to make ends meet.
Experts caution that despite a government default in 2022, payments on Sri Lanka’s $46 billion foreign debt have not yet resumed, leaving the island economy vulnerable.
If elected, Wickremesinghe vows to carry out his austerity plan and issues a dire warning that deviating from the IMF’s recommendations would only cause additional problems.
