Sri Lanka announces first presidential election amid recession
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Over 17 million Sri Lankans are eligible to exercise their right to vote on September 21 as the country attempts to reel in from numerous crises.
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Chief of Sri Lanka’s election commission R.M.A.L. Rathnayake addresses a press conference on July 16, 2024. (AFP)
Sri Lanka's first presidential elections amid its worst-ever economic recession that sparked nationwide unrest will be held in September, the election commission announced on Friday.
Presidential candidacy nominations will be accepted on August 15, allowing a five-week campaign period before citizens can take to the polls on September 21, the election commission said in a gazette notification.
Over 17 million over the age of 18 are eligible to vote in the upcoming elections.
President Ranil Wickremesinghe, who has attempted to revive the country's deteriorated economy, will face at least two oppositions campaigning against the International Monetary Fund's (IMF) strict measures imposed under its bailout plan in an attempt to repair the country's financial state.
Economic reforms are anticipated to dominate the upcoming presidential campaigns with opposition parties already pledging to renegotiate the $2.9 billion IMF bailout package Wickremesinghe secured in early 2023.
Sri Lanka's collapsed economy
Former Sri Lankan President Mahinda Rajapaksa's tenure saw the launch of the Hambantota Development Project, which was considered one of the white-elephant projects during his decade-long rule until 2015.
In 2017, unable to repay a substantial loan taken from China for the construction of the Hambantota port, Sri Lanka transferred it to the state-owned China Merchants Group for $1.12 billion under a 99-year lease.
In April 2022, Sri Lanka defaulted on its $46 billion external debt when it ran out of foreign exchange to cover essential imports like food, fuel, and medicine, causing a record 7.8% GDP decline.
To address its financial woes, Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF) last year. However, the IMF program is contingent on reaching a debt agreement satisfactory to foreign creditors.
China reaffirmed its commitment to supporting Sri Lanka in March 2024, as the prime minister of the crisis-stricken island nation concluded a visit to Beijing to finalize a debt restructuring agreement.
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