Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom

COLOMBO, Sri Lanka — Two years ago, food cart worker Fathima Shiyama had to wait in line, sometimes for days, to get cooking gas, fuel and other essentials. It was a test of patience for her and millions of other Sri Lankans as their country languished in economic and political chaos.

Since then, under President Ranil Wickremesinghe, the South Asian island nation’s economy has begun a fragile recovery. As the country gears up for a crucial presidential vote, key economic indicators have improved and there are no shortages of food and fuel. Inflation is almost under control after peaking at 70%.

Sri Lankans who usually vote along religious and ethnic lines will be keeping the state of the economy in mind when they vote Saturday on a new president. Many are still struggling, borrowing money or leaving the country to cope with rising living costs and limited opportunities.

Shiyama says she isn’t still earning enough to cover her monthly expenses and pay for her ailing daughter’s medical tests. In desperation, she has turned to borrowing from loan sharks at an exorbitant 20% interest rate.

“We are trying our best to survive despite many difficulties,” said the 48-year-old mother of five, as she was selling “string hopper” noodles and coconut “pittu,” popular traditional dinner items, from a cart on the outskirts of Colombo.

As Sri Lanka sank into economic collapse in 2022, a popular uprising led its then president Gotabaya Rajapaksa to flee the country.

This weekend’s election pits his successor, Wickremesinghe, against opposition leader Sajith Premadasa and Anura Dissanayake, leader of a Marxist-led coalition that has been gaining popularity. Poll results are due Sunday.

All the candidates have promised to lead Sri Lanka into a prosperous future by developing new industries, improving agriculture, broadening the tax base to increase revenue and creating tens of thousands of new jobs.

Under Wickremesinghe, Sri Lanka has been negotiating with the international creditors to restructure the country’s staggering debt and get the economy back on track. The International Monetary Fund approved a four-year bailout program last year, but many Sri Lankans are unhappy over the government’s efforts to increase revenue by raising electricity rates and imposing heavy taxes on professionals and businesses, to meet IMF conditions for its assistance.

Overall conditions have improved after the long dry spell during and after the pandemic. Vital tourism…