The Economic Monitoring Committee, established on the proposal of President Anura Kumara Dissanayake to safeguard Sri Lanka’s economic stability amid external pressures, convened yesterday (10), during which discussions focused on urgent measures to stabilize markets and protect citizens from the adverse effects of global economic shocks.

Chaired by Deputy Minister of Finance and Planning and Minister of Labour, Dr. Anil Jayantha Fernando, the high‑level committee brought together senior officials and industry leaders to assess the potential risks posed by escalating conflict in the Middle East and its impact on Sri Lanka’s fuel imports, remittances, trade, and investment links. 

As a small open economy, Sri Lanka is highly dependent on fuel imports, remittances from migrant workers employed in the Middle East, as well as trade and investment links with the region.

Accordingly, extensive discussions were held on the risks posed by external economic shocks to Sri Lanka and the essential policy measures that must be continuously monitored and implemented to mitigate such risks. 

The Committee is chaired by Deputy Minister of Finance and Planning and Minister of Labour, Dr Anil Jayantha Fernando, while Senior Additional Secretary to the President (Finance and Economic Affairs), Mr Russell Aponsu, serves as the Secretary and Convener of the Committee. 

The members of the Committee include Governor of the Central Bank, Dr P. Nandalal Weerasinghe, Secretary to the Treasury and Secretary to the Ministry of Finance, Planning and Economic Development, Dr Harshana Suriyapperuma, Senior Presidential Adviser on the Digital Economy, Hans Wijesuriya, Senior Economic Adviser to the President, Duminda Hulangamuwa, Secretary to the Ministry of Industry and Entrepreneurship Development, Thilaka Jayasundara, Chairman of the Ceylon Petroleum Corporation, D.J.A.S. de S. Rajakaruna, Chairman of Litro Gas Lanka Limited, Channa Gunawardena, Chairman of the Sri Lanka Ports Authority, Dr Parakrama Dissanayake, Chairman of the Sri Lanka Export Development Board, Mangala Wijesinghe, Special Presidential Representative on Foreign Investment, Hanif Yusoof, Chairman of the Sri Lanka Tea Board, R.K. Obeysekara, Chairman of the Sri Lanka Tourism Development Authority, Buddhika Hewawasam and the Additional Secretary (Economic Affairs) of the Ministry of Foreign Employment and Tourism. (Newswire)

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The Cabinet of Ministers has approved a proposal to establish an Economic Monitoring Committee to evaluate and respond to potential risks arising from the ongoing conflict in the Middle East.

According to the government, Sri Lanka, as a small open economy, is particularly vulnerable to external shocks due to its reliance on energy imports, remittances from migrant workers in the Middle East, and trade and investment ties with the region. 

The government noted that the instability could create adverse effects on the national economy.

The newly appointed committee will continuously monitor the situation, assess risks across different sectors, and recommend necessary policy measures. 

It will be chaired by State Minister of Finance, Dr. Anil Jayantha Fernando, and will include heads of relevant institutions along with industry experts.

This initiative, presented by the President, aims to safeguard Sri Lanka’s economy against disruptions stemming from the volatile global environment created by the Middle East conflict. (Newswire)

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