(Bloomberg) -- Sri Lanka’s presidential election next month is turning into a battleground between the political elite and a leftist outfit once notorious for armed rebellions, as candidates vie for the top job that entails overseeing an economy in need of an overhaul.
While the incumbent Ranil Wickremesinghe has made deals with the International Monetary Fund to bolster the nation’s recovery after a debt default, he isn’t guaranteed a victory as his austerity measures have made him deeply unpopular. A challenge from political heavy-weights is not his only worry.
Anura Kumara Dissanayake of the leftist Janatha Vimukthi Peramuna, a party that led insurgencies in the 1970s and 1980s and since re-branded itself, has managed to draw some support with an anti-corruption platform.
The Sept. 21 vote will set the course for the island nation that’s slowly recovering from the worst economic crisis since independence in 1948. A historic debt default and inflation touching 70% led to street protests in 2022, which culminated in strongman leader Gotabaya Rajapaksa stepping down as he fled the country.
Some opinion surveys are suggesting the possibility of the election going to a run-off, which will be a first since 1982. On Thursday, 39 candidates submitted nominations to contest the poll. Here’s a look at the main contenders that have declared their intent to run for the top job:
Ranil Wickremesinghe, 75
Wickremesinghe is a survivor in Sri Lankan politics with the deals he has made across party lines since the 1970s. He was voted into the presidency by a majority of lawmakers from the Rajapaksa clan’s party after Gotabaya fled, earning him the nickname “Ranil Rajapaksa.” The protesters have accused him of protecting the dynasty from investigations in exchange for the executive presidency — allegations he has denied.
For this election, he said he is contesting as an independent candidate to go beyond party politics. It belies a strained relationship with the Rajapaksas as Wickremesinghe has drawn lawmakers away from their Sri Lanka Podujana Peramuna party, or SLPP, and other parties.
The lawyer-turned-politician will use his campaign to remind voters how he brokered a bailout with the IMF for a $3 billion loan and reinstated law and order. While he remains unpopular with Sri Lankans for raising taxes and rolling back energy subsidies, Wickremesinghe is seen as an acceptable face globally.
Namal Rajapaksa, 38
Namal is the political scion and eldest son of former president Mahinda Rajapaksa, who leads the clan and was widely credited with ending the decades-old civil war with the Tamil separatists in 2009.
Local media said the Rajapaksa clan wanted to rebuild their brand with voters, particularly with the Sinhalese farmers and in the family strongholds in southern Sri Lanka, by getting the SLPP to endorse Namal. The rugby-playing Namal is no stranger to politics, he was sports minister in his uncle Gotabaya’s cabinet before protesters forced them to resign.
In an interview with Bloomberg at the height of the crisis in 2022, Namal sought to distance himself from his uncle’s controversial move to ban chemical fertilizers and promote organic farming. The decision had led to widespread crop failures and fueled inflation in the country.
Namal is planning to focus on the young voters with their concerns over a lack of job prospects and high living costs. One of his solutions is drawing in investors and development projects, echoing a strategy used by his father and uncle, who drew closer to China for funds to rebuild Sri Lanka after the civil war.
Anura Kumara Dissanayake, 55
Dissanayake, known in Sri Lanka as AKD, is the only major candidate who doesn’t belong to a political family. He was active in student politics with the JVP during the 1987-89 uprising against the government, which was brutally suppressed by paramilitary forces.
The party has shifted away from its anti-capitalist roots and briefly joined coalition governments but the JVP leadership is untested as administrators. AKD became the JVP leader in 2014 and has incorporated civil society leaders and academics to appeal to a broader section of society.
The JVP and its leaders have said they can carry out the demands of a nationwide protest movement in 2022 that forced the Rajapaksas to resign from government. The protesters wanted to curb the executive powers of president, eradicate corruption, and bring the Rajapaksas to court.
Still, AKD is gaining popular support in Sri Lanka to the point that India and China have taken notice. New Delhi had invited AKD for an official visit in February where he held meetings with Minister of External Affairs Subrahmanyam Jaishankar and the National Security Advisor Ajit Doval. Two months later, a Chinese Communist party delegation visited AKD in his office to discuss politics.
Sajith Premadasa, 57
Premadasa comes from a political dynasty in Sri Lanka but one with a dark past as his father and then-president Ranasinghe Premadasa was assassinated by a Tamil suicide bomber in the 1990s. He joined Wickremesinghe’s United National Party soon after but eventually left in early 2020 to form his own party, which is now the main opposition group in parliament.
While Premadasa has held cabinet posts in various governments, including health and housing, the presidency has proved to be elusive.
In the 2019 race, Premadasa narrowly lost to Gotabaya who campaigned on being tougher on national security after the Easter bombing attacks. Premadasa is neck-and-neck with AKD in some of the opinion polls in recent months. Like AKD, he wants to review the terms of the IMF bailout and reduce some of the taxes to alleviate rising living costs.
--With assistance from Vrishti Beniwal.
(Updates with number of candidates in fifth paragraph)
©2024 Bloomberg L.P.
