Ranil Wickremesinghe's Rocky Road to Recovery: Will Austerity Measures Impact His Presidential Bid?

President Ranil Wickremesinghe led Sri Lanka through its worst financial crisis in decades by implementing austerity measures and securing an IMF bailout. However, these measures may impact his chances in the upcoming presidential election. His main rivals include Sajith Premadasa and Anura Kumara Dissanayke.

President Ranil Wickremesinghe devised a strategy to navigate Sri Lanka out of its most severe financial crisis in decades, but the austerity measures essential for this recovery may jeopardize his chances in Saturday's presidential election.

Two years ago, Sri Lanka's economy plummeted due to a severe dollar shortage, resulting in a historic debt default and the resignation of Wickremesinghe's predecessor, Gotabaya Rajapaksa. Wickremesinghe, a veteran politician, then secured a $2.9 billion IMF bailout and restructured $25 billion in debt. This year, the economy is projected to grow by 3% after a 7.3% contraction.

Despite these efforts, the recovery came at a significant cost to voters. Taxes, power tariffs, and interest rates increased, pushing millions into poverty and triggering mass migration. Critics argue Wickremesinghe's policies disproportionately burdened the middle class and poor. The upcoming election will decide if the austerity measures were worth the economic stabilization.

(With inputs from agencies.)