Colombo: Sri Lanka is taking significant steps to address potential economic and social impacts resulting from the ongoing conflict in the Middle East, as outlined by President Anura Kumara Dissanayake in a recent parliamentary address.
According to News.LK, President Dissanayake emphasized the importance of a global commitment to peace, warning that the conflict could severely affect the global economy and local livelihoods. He stated that while the government hopes for a peaceful resolution, it is also preparing for adverse scenarios by formulating both long-term and short-term strategies to mitigate potential impacts.
The President highlighted the government’s efforts in managing energy supplies, stating that Sri Lanka has maintained sound fuel management practices and plans to double oil refinery capacity, which has not been upgraded since 1979. An investment of over Rs. 30 billion is planned for developing energy infrastructure, including new storage complexes and pipelines to ensure energy security.
Moreover, President Dissanayake discussed plans to address issues related to gas supplies and the broader economic challenges posed by the conflict, including impacts on Sri Lankans overseas, tourism, exports, shipping, and aviation sectors. The government is actively working on solutions, such as increasing storage capacity for essential resources and ensuring adequate supply lines.
The President also reassured that despite current challenges, Sri Lanka has strategic plans in place to manage potential crises effectively. These include increasing storage capacities, enhancing infrastructure, and securing necessary fuel shipments to avoid shortages. Additionally, efforts are being made to strengthen the country’s pipeline network and expand refining capacities with private sector involvement.
The government is also attentive to the welfare of Sri Lankans abroad and is establishing emergency services for their assistance. Furthermore, measures are being put in place to safeguard foreign currency reserves and maintain exchange rate stability, which are crucial for the country’s economic resilience.
Through these comprehensive measures, Sri Lanka aims to manage the situation and ensure public confidence in the government’s ability to handle potential challenges arising from the international conflict.