Over 17 million Sri Lankans will vote on Saturday to elect a new president for a five-year term, the first election since a severe shortfall of dollar reserves pushed the South Asian island into its worst financial freefall in decades.

Supported by a $2.9 billion International Monetary Fund bailout the country has since posted a tentative recovery and is expected to post 3% growth this year. It is also working to finalise a $12.5 billion debt restructuring with bondholders.

President Ranil Wickremesinghe, one of the three frontrunners, recapped his policy wins and debt restructuring efforts in the last lap saying he hopes to complete negotiations with bondholders on Thursday.

"After that discussion we will be able to reach a decision and complete the debt restructuring process... I have the ability to complete this process and make the announcement before 21 September (election day)," he told a packed crowd in the southern town of Matara, about 157 km (98 miles) from the capital Colombo.

"I have shown the people that when I take up a task I complete it. Now it's up to you to decide what kind of path we should take from Sunday."

Marxist-leaning parliamentarian Anura Kumara Dissanayake, who is leading the contest, according to the latest opinion poll, called for voters to back him to reduce poverty and fight corruption.

"Hundreds of thousands of people have gathered with us because they hope for a better future. The first step of that journey will begin on 22 September," he told a gathering in Galle, a tourist hot spot in southern Sri Lanka.

Sajith Premadasa, the current opposition leader, pledged to ease the cost of living for Sri Lankans and promote tourism and agriculture exports.

"We will build a country that will give prosperity to everyone and give the millions who are now struggling a decent life," Premadasa said.

The election's result is expected to be announced on Sunday with a new president sworn in shortly after.