Sri Lanka’s newly elected President, Anura Kumara Dissanayake, has dissolved Parliament to facilitate an early general election in the debt-laden nation, as confirmed by a government gazette notification on Tuesday. The notification indicates that the election will take place on November 14, with the new Parliament scheduled to convene on November 21, 2024, four years after the last general elections. The newly formed government will serve a five-year term.
Following President Gotabaya Rajapaksa’s flight and resignation, Anura Kumara Dissanayake, a Marxist-leaning politician, was appointed president on Saturday to lead reforms in the island nation. However, his coalition, the National People’s Party, currently holds only three of the 225 seats in Parliament. This situation has prompted him to dissolve the legislature in pursuit of a new mandate for his policies.
Dissanayake has committed to alleviating the hardships caused by austerity measures linked to a $2.9 billion IMF bailout stemming from the economic crisis while also pledging to enhance existing welfare programs. Nevertheless, his proposals to reduce taxes and renegotiate bailout terms have raised concerns among investors, who fear these actions could hinder the vital $25 billion debt restructuring.
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President Dissanayake now faces the challenge of guiding the economy toward sustainable and inclusive growth while reassuring both local and international markets, attracting investors, and striving to lift a quarter of the 22 million population out of poverty.
