The vote is seen as a referendum on difficult economic reforms initiated by current President Ranil Wickremesinghe
Namal Rajapaksa, son of former President Mahinda Rajapaksa waves to media as he arrives to file his nomination for the upcoming presidential election in Colombo, Sri Lanka, on Aug. 15.Sri Lanka’s elections commission on Thursday accepted applications from a record 39 candidates to run in next month’s presidential election, which will decide the course of the country’s financial reforms to survive an unprecedented economic crisis.
Unsustainable debt, a severe balance of payments crisis, the lingering effects of the COVID-19 pandemic, and the government’s insistence on spending scarce foreign reserves to prop up the country’s currency, the rupee, led to a severe shortage of foreign currency and essentials such as fuel, medicine, cooking gas and food in 2022.
Inflation has dropped to around 5% from 70% two years ago under his administration. Interest rates have also come down, the rupee has rebounded, and foreign currency reserves have increased. Creditor countries such as India, Japan and France have agreed to defer debt repayments until 2028, giving the island nation space to rebuild its economy.But professionals and businesses complain of higher taxes, and all people are affected by the high cost of living.
He unsuccessfully contested presidential elections in 1999 and 2005, while Premadasa and Dissanayake lost the 2019 presidential election.
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