Colombo: Sri Lanka will vote for its next president this Saturday in a pivotal election, viewed as a referendum on the austerity measures imposed under an International Monetary Fund (IMF) bailout following the country's devastating financial crisis.

President Ranil Wickremesinghe, 75, is seeking a fresh mandate after stabilizing the economy, which had been crippled by food, fuel, and medicine shortages in 2022. Wickremesinghe, who took office after his predecessor fled amid civil unrest, claims to have restored order and put the country on the path to recovery.

"Think of the time when all hope was lost... we didn't have food, gas, medicine, or any hopes," Wickremesinghe said during his campaign. "Now you have a choice. Decide if you want to go back to the period of terror, or progress."

However, the president's austerity measures, including tax hikes under a $2.9 billion IMF bailout, have caused widespread hardship, leaving millions struggling to survive. Experts caution that the economy remains vulnerable, with foreign debt payments yet to resume following the government default in 2022.

The election will serve as a litmus test for how the public perceives Wickremesinghe's handling of the crisis and the slow recovery, according to the International Crisis Group. Many citizens still face "enormous hardship," with austerity measures seen as unfair.

Rising Challengers

Wickremesinghe faces two key challengers: Anura Kumara Dissanayaka, leader of a Marxist party historically associated with violent uprisings, and Sajith Premadasa, a former ally who has promised to secure better terms from the IMF.

Dissanayaka has gained support by pledging to end corruption and reform Sri Lanka's political system, while Premadasa has vowed to revise the tax code, which has driven professionals abroad.

Sri Lanka's poverty rate doubled between 2021 and 2022, with millions living in extreme poverty. While inflation has significantly decreased from its peak, the IMF stresses that the recovery remains fragile.

The election outcome will determine whether Sri Lanka continues its current path or seeks an alternative approach to its ongoing economic challenges.