Sri Lanka is set to hold its first presidential election on September 21 — the first elections after the country declared bankruptcy in 2022.

The independent election commissions announced that the nominations would be accepted until August 15, Reuters reported.

Additionally, President Ranil Wickremesinghe decided to take this step for the country’s "betterment".

"This is a critical time for Sri Lanka," said Bhavani Fonseka, senior researcher for Colombo-based Centre for Policy Alternatives.

"An election being called is extremely important for democracy but now the election commission must be allowed to do what they are mandated to do. Having a free and fair election is essential," he added. 

Almost 17 million of Sri Lanka's 22 million population are eligible to vote in the poll.

Earlier in 2022, the South Asian Island nation suffered a severe foreign exchange crisis that led to a noticeable shortage of necessary items such as food, medicine, fuel and cooking gas, and extended power outages.

Moreover, the forthcoming election is very essential for Sri Lanka, as it will help finish a key debt restructuring program and complete financial reforms agreed upon with the International Monetary Fund as part of a bailout program.

Wickremesinghe is expected to compete against Sajith Premadasa and Anura Dissanayake in the presidential polls.

The ninth president has effortlessly worked on the poor economic situation of the country. Under his government, severe shortages of food, fuel, and medicine have been addressed. 

However, the citizens were dissatisfied with the increased revenue generated by raising electricity bills and imposing heavy new income taxes on professionals and businesses.

Sri Lanka’s crisis was largely the result of staggering economic mismanagement combined with the outbreak of the COVID-19 pandemic, which along, with the 2019 terrorist attacks, devastated its important tourism industry. The coronavirus crisis also disrupted the flow of remittances from Sri Lankans working abroad.