Sri Lanka's President Dissolves Parliament for Snap Election Amid Financial Crisis

Sri Lanka's President Anura Kumara Dissanayake dissolves parliament to pave the way for a snap general election as the country grapples with debt and economic challenges. The election is set for Nov. 14, and Dissanayake seeks a fresh mandate to implement reform plans following a recent IMF bailout program.

Sri Lanka's newly elected President Anura Kumara Dissanayake has dissolved parliament to clear the way for a snap general election in the debt-ridden country, according to a government gazette notification issued on Tuesday.

The parliamentary election is scheduled for Nov. 14, with the new parliament set to convene on Nov. 21. The last general election in Sri Lanka was in August 2020, with lawmakers serving a five-year term.

Elected over the weekend, Dissanayake, a Marxist-leaning politician, now faces the challenge of leading the country out of a severe financial crisis. His coalition, the National People's Party, holds just three of the 225 seats in the current parliament, prompting the dissolution to seek a broader mandate for his reform policies.

This presidential election was the first since Sri Lanka's economy collapsed in 2022 under a foreign exchange shortage, crippling its ability to import essentials. Dissanayake promised change and welfare expansion amid austerity measures linked to a $2.9 billion IMF bailout program. However, his plans to cut taxes and reconsider the bailout terms have raised concerns among investors about delaying a vital $25 billion debt restructuring.

He must now focus on steering the economy towards sustainable and inclusive growth, reassuring both local and international markets, attracting investors, and lifting a quarter of the 22 million population out of poverty.

(With inputs from agencies.)