The Ceylon Chamber of Commerce has proposed five key measures to safeguard Sri Lanka’s economic stability amid rising global uncertainty linked to the ongoing Middle East conflict.
In a statement issued today (18), the Chamber stressed the need for urgent and coordinated action to ensure the continuity of economic activity while prioritising critical sectors.
The Chamber’s first proposal called on the Government to identify essential services and priority economic sectors to guide the allocation of limited resources such as fuel and foreign exchange in the event of supply disruptions.
Secondly, it recommended adopting a strategic approach to fuel procurement by expanding supply sources and ensuring adequate availability of aviation fuel to sustain inbound tourism.
The Chamber also proposed allowing licensed local bunkering companies to independently procure fuel for export-oriented industries and tourism operators, potentially on a foreign currency basis, to reduce pressure on domestic supplies.
As a fourth measure, it suggested introducing flexible work arrangements, including work-from-home options, to reduce fuel consumption, along with considering early closure of schools and universities ahead of the Avurudu holidays with temporary online learning alternatives.
Finally, the Chamber recommended limiting non-essential foreign currency outflows while prioritising imports of fuel, food, pharmaceuticals, and inputs required for export industries.
The Chamber said that close coordination between the Government and the private sector will be critical to navigate potential global shocks and maintain economic stability. (Newswire)
Ceylon Chamber’s 5 key proposals:
1. Identify essential services & priority sectors for fuel and forex allocation
2. Expand fuel sourcing; ensure aviation fuel for tourism
3. Allow bunkering firms to import fuel for key industries
4. Introduce work-from-home; consider early school closure
5. Limit non-essential forex outflows; prioritise critical imports