ECONOMYNEXT — Sri Lanka’s presidential election will be held on September 21, 2024, with nominations to be accepted on August 15, the Election Commission announced.
In a gazette issued in the early hours of Friday July 26, the commission said the election will be held “not less than one month and not more than two months before the expiration of th eterm of office of the president in office, as stipulated in Article 31(3) of the Constitution”.
The Colombo Stock Exchange closed down on Thursday, after two candidates announced they would be contesting at Sri Lanka’s upcoming presidential election. Former Army Commander Field Marshall Sarath Fonseka and Justice Minister Wijeyadasa announced their candidacy on Thursday July 25.
The broader All Share Index closed down 0.52 percent, or 61.09 points, at 11,640; while the more liquid S&P SL20 Index closed down 0.80 percent, or 27.27 points, at 3,386.
Turnover was 503 million.
“Now that elections are about to be announced, there’s a lot of uncertainty in the market; investors worry about what direction the country will take if the president is changed,” Softlogic Stockbrokers said. “If things change drastically, there could be an impact on fiscal policy and everything.”
Leftist National People’s Power (NPP) leader Anura Kumara Dissanayake had recently predicted that the presidential election would be held on September 28.
Other opposition politicians had expressed concern that the election might not be held at all, with various parties accusing the government of attempting to postpone the polls.
The government, however, repeatedly insisted that the election would be held on time.
President Ranil Wickremesinghe has yet to officially announce his candidature, though his backers have already started campaigning for him. The ruling Sri Lanka Podujana Peramuna (SLPP), which is increasingly factionalised, has not yet officially endorsed Wickremesinghe nor fielded its own candidate. However, influential members of the party including cabinet ministers have publicly declared their support for the president.
Opposition leader Sajith Premadasa announced his intention to run for president as early as September 2023. (Colombo/Jul26/2024)