Sri Lanka president concedes defeat

COLOMBO (EconomyNext) – Sri Lanka’s president Mahinda Rajapaksa has conceded defeat and agrees to a smooth transition power, AFP news agency said.

The president left shortly after meeting opposition leader Ranil Wickramasinghe at his official residence.

AFP quoted a Wijayananda Herath presidential aide as saying that Rajapaksa would bow to pulbic opinion.

Rajapaksa called early elections for a third term after amending the constition to lift term limits, but his challenger Maithripala Sirisena entered the fray on a promise to restore rule of law and freedom.

Update II