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President’s Counsel Saliya Pieris
President’s Counsel Saliya Pieris has cautioned that Sri Lanka cannot assume it will be shielded from the economic repercussions of the ongoing conflict in the Middle East, warning of both immediate and longer-term risks to the country’s economy. In a statement posted on social media, Pieris said global oil prices have already climbed sharply while natural gas output has been curtailed, developments that are likely to have knock-on effects for Sri Lanka in the months ahead. He outlined potential pressures including volatility in foreign exchange markets, a possible decline in tourist arrivals from Europe and the Middle East, disruptions to tea exports, and risks to foreign employment and worker remittances. Pieris said it would be prudent for the Government to acknowledge these challenges early and prepare policy responses to avoid severe economic consequences. He noted that difficult decisions may be unavoidable and stressed the importance of maintaining public confidence by communicating clearly about risks and mitigation measures. Referring to international precedent, he observed that during the 2020–22 Covid-19 period, Singapore’s Prime Minister regularly briefed citizens on policy steps, which helped sustain confidence in the administration. Pieris also pointed out that Sri Lanka’s 2022–23 economic crisis stemmed not only from policy missteps but from delays in taking corrective action when warning signs had emerged.
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