New president pledges to 'rewrite Sri Lanka's history'

A decisive victory

Anura Kumara Dissanayake, the 55-year-old leader of the People's Liberation Front, was declared the winner of last weekend's election with nearly 1.3 million more votes than his closest rival.

The leader, once considered unremarkable when his party won less than 4 percent of the vote in the parliamentary elections four years ago, has seen his support soar as the economic crisis has caused widespread hardship for the people of Sri Lanka.

"The dream we have cherished for centuries has finally come true," he said in a statement shortly after the results were announced.

“This victory belongs to all of us,” he added. “Millions of eyes filled with hope and expectation are propelling us forward, and together, we are ready to rewrite Sri Lankan history.”

Outgoing President Ranil Wickremesinghe, who took office at the height of the 2022 economic crisis and imposed strict austerity policies under the terms of an IMF bailout package, came third in the election with 17% of the vote.

"History will judge my efforts, but I can confidently say that I did my best to stabilize the country during one of its darkest periods," he said in a statement.

He congratulated Mr. Dissanayake on his victory and said he “believed” the politician would “lead Sri Lanka on a path of continued growth and stability.”

US Ambassador Julie Chung also sent congratulations and said in a statement that Washington is ready to “work on shared priorities” with the incoming administration.

Election commission officials said Dissanayake was sworn into office on the morning of September 23 (local time) at the Presidential Palace in Colombo.

IMF agreement

Economic issues dominated the eight-week election campaign in Sri Lanka, with many citizens angered by the austerity measures implemented by Wickremesinghe since the island nation's severe financial crisis peaked.

A member of the country's politburo said that Dissanayake would "not tear up" the agreement with the IMF but would seek to amend it.

"It's a binding document, but it includes clauses for renegotiation," said Bimal Ratnayake.

He said Dissanayake had committed to reducing income taxes, which Wickremesinghe had doubled, and cutting sales taxes on food and medicine.

"We think we can incorporate those reductions into the program and continue the four-year relief program," he said.

According to Reuters, approximately 76% of Sri Lanka's 17.1 million eligible voters cast their ballots in the September 21st election.

Mr. Wickremesinghe sought re-election to continue his austerity policies aimed at stabilizing the economy and ending months of food, fuel, and medicine shortages during Sri Lanka's economic crisis.

His two years in office restored peace to the streets after civil unrest caused by the recession had led thousands to storm the residence of his predecessor Gotabaya Rajapaksa, who subsequently left the country.

But the tax increases and other measures imposed by Wickremesinghe under the $2.9 billion IMF bailout package he secured last year have left millions struggling to make ends meet.

Official data shows that Sri Lanka's poverty rate doubled to 25% between 2021 and 2022, pushing more than 2.5 million people into the category of living on less than $3.65 a day.