Sri Lanka’s newly elected President Anura Kumara Dissanayake has dissolved parliament to pave the way for a snap general election, according to a government gazette notification issued Tuesday.
The parliamentary election is scheduled for November 14, with the new parliament set to convene on November 21. This move comes after Dissanayake’s weekend victory in the presidential election, where he campaigned on a platform of change and economic reform.
Dissanayake’s coalition, the National People’s Party, currently holds only three of 225 seats in parliament, prompting the call for a fresh mandate to support his policy agenda.
The election follows a severe economic crisis in 2022 that left Sri Lanka unable to pay for essential imports and led to widespread protests. Dissanayake has promised to bring change for those affected by austerity measures linked to a $2.9 billion IMF bailout program and pledged to expand existing welfare schemes.
However, his intentions to cut taxes and potentially revise the terms of the IMF bailout have raised concerns among investors, particularly regarding a crucial $25 billion debt restructuring plan.
The new president faces the challenge of ensuring sustainable economic growth, reassuring markets, attracting investors, and addressing poverty issues affecting a quarter of Sri Lanka’s 22 million population.
This election marks Sri Lanka’s first since the 2022 economic collapse and comes as the country slowly emerges from its financial crisis.
