Sri Lankans will elect a new President on Saturday in a “finely balanced” race between the early favourite, former defence chief Gotabaya Rajapaksa, and government minister Sajith Premadasa, who has gained momentum in recent weeks.

The election comes amid a deep slump in the country following Easter Sunday attacks on hotels and churches by militants that killed over 250 people and sharpened tensions between majority Sinhalese and minority Muslims.

Added to that are long-standing grievances of ethnic Tamils, who say they are still to get justice stemming from the human rights violations during a 26-year civil war with Tamil rebels.

Gotabaya, who oversaw the military rout of Tamil fighters under his brother and then President Mahinda Rajapaksa, has campaigned on a platform of national security, playing on the fears of Sinhalese Buddhists following the April attacks claimed by the Islamic State.

Premadasa has sought to fire up the countryside with promises of free housing, schools uniforms for students and sanitary pads for women — touching on a topic rarely discussed in public but which has drawn women to his rallies.

Both the frontrunners in a field of 35 candidates said they would seek a balance in Sri Lanka’s political and economic ties with China and India that have competed for influence in the island that sits near busy shipping lanes.

However, Gotabaya and his family are seen closer to China, which has led post-civil war reconstruction.

There are no opinion polls but political strategists in the two main campaigns, the minority parties and political analysts say the race has become much closer in recent weeks.

Initially, Gotabaya was strongly favoured but Premadasa is seen to have closed in on him.While Gotabaya is banking on the support of the Sinhalese, Premadasa has been assured the support of Tamil parties who strongly oppose a return of the Rajapaksas.

Muslims are also concerned they would be targeted in large-scale surveillance and raids that a Gotabaya presidency might bring.

“The prospect of a new Rajapaksa presidency has heightened ethnic tensions and raised fears among minorities and democratic activists,” said Alan Keenan from the International Crisis Group.

About 16 million people are eligible to vote on Saturday with the ballot allowing voters to choose up to three candidates in order of preference.

Votes will be counted soon after polling stations close that evening but the results are not expected before Sunday.

One of the challenges the new president will face is to service Sri Lanka’s foreign debt, which stands at 45 per cent of its gross domestic product.

A quarter of the debt is owned to China, which has raised fears of a loss of sovereignty after Sri Lanka was forced to hand over control of the giant Hambantota port in a debt-for-equity swap with Beijing in 2017.