Colombo: Anura Kumara Dissanayaka, leader of the People's Liberation Front, has been declared Sri Lanka's president-elect following a historic election shaped by public discontent over the nation's handling of a severe financial crisis. The 55-year-old Marxist politician won the presidency with 42.31% of the vote, according to the election commission's announcement on Sunday.

Opposition leader Sajith Premadasa secured 32.76% of the vote, while outgoing President Ranil Wickremesinghe, who had imposed strict austerity measures under an IMF bailout deal, finished a distant third with 17.27%.

Wickremesinghe has not yet conceded, but Foreign Minister Ali Sabry acknowledged Dissanayaka's victory, respecting the people's mandate. Dissanayaka is expected to be sworn in on Monday at Colombo's President Secretariat.

Economic challenges dominated the election campaign, with Dissanayaka vowing to negotiate modifications to the IMF bailout while easing the burdens of high income and sales taxes imposed under Wickremesinghe's administration. His once-marginal Marxist party, which led two failed uprisings decades ago, has seen a surge in popularity amid widespread anger over the economic hardships.

Despite the party's radical past, it has reassured India that it will not engage in geopolitical rivalries, especially concerning China's growing influence in the region.

This election marks a rejection of austerity measures that, while stabilizing the economy, significantly increased poverty and hardship for millions of Sri Lankans.