– President Ranil Wickremesinghe of Sri Lanka launched his re-election campaign and stated that the country had no option but to agree to an IMF bailout with tough austerity measures.
– Wickremesinghe negotiated a $2.9 billion IMF rescue package last year to address an unprecedented economic crisis that led to food and fuel shortages and street protests.
– Wickremesinghe’s main rivals, Sajith Premadasa and Anura Kumara Dissanayaka, have vowed to open fresh talks with the IMF to rewrite the agreement and make amendments.
– Wickremesinghe agreed with the IMF to ease the tax burden on middle and low-income groups from next year, but details were not provided.
– Sri Lanka is still negotiating with international bondholders after defaulting on its foreign debt in 2022.
– Wickremesinghe is facing challenges from other candidates, including Namal Rajapaksa, and has faced criticism for refusing to fund a local government election last year.
– The Supreme Court ruled that Wickremesinghe violated the fundamental rights of Sri Lankan voters by not holding the election and ordered it to be held as soon as possible.