This has posed a major challenge to his prospects in the September 21 vote.
Sri Lanka’s Electorate
Nearly 17 million of Sri Lanka’s 22 million population is eligible to cast its ballots in the vote.
The verdict of the electorate will be crucial in determining the future of reforms in the South Asian island nation.
Sri Lanka Facing Financial Crisis
Sri Lanka is weathering its worst financial crisis in decades.
Wickremesinghe Commands Respect
Even at 75, Wickremesinghe is seen as the most market- and reform-friendly option among the many aspirants for to job.
He has been the Prime Minister of Sri Lanka on six occasions.
He was first appointed PM from 1993 – 1994 after the assassination of President Ranasinghe Premadasa.
Wickremesinghe took office in July 2022 at a time when the economy had crumbled under a severe financial crisis.
The situation was triggered by a record shortfall of foreign exchange reserves.
But with just one seat in parliament, he needs the support of the Sri Lanka Podujana Peramuna (SLPP), which holds a parliamentary majority.
Who Does The SLPP Prefer?
The SLPP counts former President Mahinda Rajapaksa and his brother as key members, to be a stronger contender.
SLPP General Secretary Salaga Kariyawasam told mediapersons that the politburo decided by a significant majority that SLPP will present a candidate under its party symbol.
He added that the SLPP candidate would be announced in the next few days.
No Reaction From Wickremesinghe
Neither Wickremesinghe nor his office gave any immediate comment in response to the SLPP decision.
Although the SLPP decision is a blow to Wickremesinghe, it doesn’t take him out of the race entirely.
Wickremesinghe May Still Get Support Of Other Opposition Parties
After all, he is contesting as an independent candidate and a breakaway faction of the SLPP.
Therefore, other opposition parties could end up supporting him.
How Gotabaya Rajapaksa Was Ousted From Power
His predecessor, Gotabaya Rajapaksa, was the first sitting president to be ousted from power in July, 2022.
This happened after thousands of disgruntled protesters occupied his office and official residence, forced him to flee the country and later resign.
Sri Lanka’s Fragile Economic Recovery
Over the past two years, Wickremesinghe has overseen a fragile economic recovery securing a $2.9 billion International Monetary Fund (IMF) bailout programme that helped stem a fall in the rupee, tame runaway inflation, and rebuild dollar reserves.
Wickremesinghe also set the groundwork for Sri Lanka to start debt restructuring talks with its official creditors and bondholders.
But pain from the financial fallout is far from over.
What Sri Lanka Needs To Do?
Under the IMF programme, Sri Lanka still has to increase tax revenue and fix loss making state companies.
Apart from this, Sri Lanka needs to finalise a $12.5 billion debt rework with bondholders.
Challenges In Governance
Analysts are of the view that rising poverty levels, corruption and policy gridlocks are also among key concerns.
They added that the crisis may have also eroded the previously strong SLPP vote base, making the outcome of its alliance with Wickremesinghe unpredictable.
Political scientist Prof. Jayadeva Uyangoda explained the situation thus. “People are silently waiting to give their decision on election day.
He further said “It is actually judgement time for Sri Lanka.”
