Sri Lanka’s Marxist-leaning Dissanayake takes early lead in presidential race

Sri Lanka’s Marxist-leaning leader, Anura Kumara Dissanayake, grabbed a commanding early lead on Sunday in his bid to become the next president of the debt-ridden country seeking to elect a leader to bolster its fragile economic recovery.

Dissanayake won about 53% of a million votes counted so far in the election, Sri Lanka’s Election Commission data showed. Opposition leader Sajith Premadasa was second at 22%, ahead of President Ranil Wickremesinghe in third place.

About 75% of the eligible 17 million people in the Indian Ocean island nation cast their votes in Saturday’s election, according to the poll body.

Dissanayake contested as candidate for the National People’s Power alliance, which includes his Marxist-leaning Janatha Vimukthi Peremuna party that has traditionally backed stronger state intervention, lower taxes and more closed market economic policies.

Although JVP has just three seats in parliament, the 55-year-old Dissanayake has been boosted by his promises of tough anti-corruption measures and more pro-poor policies.

He presented himself as the candidate of change, promising to dissolve parliament within 45 days of coming to power in order to seek a fresh mandate for his policies in the general elections.

“After a long and arduous campaign, the results of the election are now clear,” Foreign Minister Ali Sabry said on X.

“Though I heavily campaigned for President Ranil Wickremasinghe, the people of Sri Lanka have made their decision, and I fully respect their mandate for Anura Kumara Dissanayake.”

This was Sri Lanka’s first election since the economy buckled in 2022 under a severe foreign exchange shortage, leaving the country unable to pay for imports of essentials including fuel, medicine and cooking gas.

Thousands of protesters marched in Colombo in 2022 and occupied the president’s office and residence, forcing then-President Gotabaya Rajapaksa to flee and later resign.

Buttressed by a $2.9 billion bailout program from the International Monetary Fund, the economy has posted a tentative recovery, but the high cost of living was still a critical issue for many voters.

Although inflation cooled to 0.5% last month from a crisis high of 70%, and the economy is forecast to grow in 2024 for the first time in three years, millions remain in poverty, with many pinning hopes of a better future on the next leader .

The winner will have to ensure Sri Lanka sticks with the IMF program until 2027 to get its economy on a stable growth path, reassure markets, repay debt, attract investors and help a quarter of its people climb out of poverty.

In his manifesto, Dissanayake, known for his ability to deliver stirring speeches, has pledged to slash taxes that would impact fiscal targets, leaving investors and market participants worried about his economic policies.

However, during campaign speeches he has taken a more conciliatory approach, saying any changes would be undertaken in consultation with the IMF and that he is committed to ensuring repayment of debt.