(Bloomberg) -- Sri Lanka’s leftist candidate won a tightly contested presidential election, with voters sweeping out the incumbent for the economic pain...
-- Sri Lanka ’s leftist candidate won a tightly contested presidential election, with voters sweeping out the incumbent for the economic pain they’ve endured in the two years since the country was plunged into crisis.California’s Anti-Speeding Bill Can Be a Traffic Safety Breakthrough Anura Kumara Dissanayake had a commanding lead of about 42% of the votes in the first round of counting, defeating opposition leader Sajith Premadasa , who won about 33% support.
Some in Dissanayake’s party also oppose the debt restructuring terms agreed with the nation’s creditors. That’s made investors nervous, with a new review of the debt plan or a reopening of IMF talks likely to delay the disbursement of fresh loans from the Washington-based lender and put the economy under further strain.The IMF has said it will conduct talks with the new administration once it’s in place.
Dissanayake now faces the challenge of following through on his economic pledges while maintaining stability in the economy and keeping IMF bailout funds flowing. Although he has not spelled out his plan on the IMF deal in detail, his backers have said he plans to seek modifications without throwing out existing terms altogether.
Meanwhile, Dissanayake’s backers have also called for greater scrutiny of investment deals with China and other nations to avoid future debt traps. He’s previously questioned the government’s trade agreement with China, saying it would undermine Sri Lankan businesses.
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