Marxist-leaning Anura Kumara Dissanayake and opposition leader Sajith Premadasa are headed to a run-off for Sri Lanka’s presidency after failing to secure the necessary 50% of votes in the first round. Incumbent President Ranil Wickremesinghe, who led the nation through an economic crisis in 2022, finished third and has been disqualified. Dissanayake polled at 39.5% and Premadasa at 34%.This election comes after Sri Lanka’s economy struggled in 2022 due to a severe foreign exchange shortage, leading to protests and the resignation of President Gotabaya Rajapaksa.Dissanayake presented himself as a candidate of change promising to dissolve parliament for fresh elections and renegotiate IMF deals, while Premadasa also pledged to renegotiate the IMF deal. The winner will need to stick with the IMF program until 2027 to ensure economic stability, repay debt, attract investors, and lift millions out of poverty. Dissanayake represents the National People’s Power alliance, while Premadasa leads a center-left party that focuses on reducing living costs. Voting was peaceful and around 75% of eligible voters cast their ballots. The winner will need to navigate economic challenges, reassure markets, and address the needs of the population to lead Sri Lanka towards a stable growth path.
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