COLOMBO, Sri Lanka -- Sri Lanka’s elections commission on Thursday accepted applications from a record 39 candidates to run in next month’s presidential election, which will decide the course of the country's financial reforms to survive an unprecedented economic crisis.

The commission announced that all 39 applications received for the presidential election have been approved. With over 17 million eligible voters, the election is scheduled for September 21st.

Thirty-five candidates vied for the presidency in the 2019 election.

The election is seen as a gauge of public opinion regarding the difficult economic reforms implemented by the current President, Ranil Wickremesinghe. While these reforms have shown positive results in key economic indicators, their benefits have not yet reached many ordinary citizens.

Sri Lanka is currently undergoing a critical debt restructuring and financial reform program, supported by an International Monetary Fund bailout.

In 2022, Sri Lanka faced a severe foreign currency shortage and critical supply chain disruptions for essential goods such as fuel, medicine, cooking gas, and food. These shortages were fueled by unsustainable debt levels, a severe balance of payments crisis, the lingering impact of the COVID-19 pandemic, and the government's decision to utilize scarce foreign reserves to support the rupee.

The economic crisis, resulting in severe shortages of essential goods, triggered widespread unrest, forcing then-President Gotabaya Rajapaksa to flee the country and subsequently resign. Parliament elected Wickremesinghe as president to fulfill the remainder of Rajapaksa's term.

Wickremesinghe is vying for the presidency and seeks a mandate for his economic plan, which promises rapid growth and an ambitious goal of transforming Sri Lanka into a developed nation by its centennial independence in 2048.

Inflation has decreased significantly, falling from a high of 70% to around 5% under Wickremesinghe's administration. Interest rates have gone down, the rupee has strengthened, and foreign reserves have increased. Sri Lanka has secured debt relief agreements with key creditor nations like India, Japan, and France, providing the nation with a reprieve until 2028 to rebuild its economy.

The government is still negotiating with private creditors.

However, professionals and businesses are expressing concerns about increased taxes, and all residents are struggling with the high cost of living. Some critics accuse Wickremesinghe of shielding allegedly corrupt members of the previous administration in exchange for their support of his reforms in Parliament.

Wickremesinghe faces stiff competition from Sajith Premadasa, the opposition leader, and Anura Dissanayake, the head of a left-wing party that has gained popularity among those who hold traditional parties responsible for the economic crisis.

Wickremesinghe unsuccessfully ran for president in 1999 and 2005, while Premadasa and Dissanayake lost the 2019 presidential election.

Another prominent candidate is Namal Rajapaksa, son of former President Mahinda Rajapaksa and nephew of the ousted President Gotabaya Rajapaksa.

His candidacy will serve as a gauge of the remaining support for the formerly powerful Rajapaksa dynasty following its decline in popularity amid the economic crisis.

The Rajapaksa family has been a dominant force in Sri Lankan politics since the nation transitioned to a democracy after gaining independence from Britain in 1948. Mahinda Rajapaksa's leadership in ending a 26-year civil war during his presidency from 2005 to 2015 propelled his family to its peak of popularity.