MP Ravi Karunanayake has called on the government to publicly release complete figures on Sri Lanka's foreign reserves and detail scenario plans for potential economic fallout from escalating Middle East tensions.
Speaking in Parliament, the opposition lawmaker demanded full transparency regarding usable liquid assets, restricted holdings, short-term foreign debt obligations due within twelve months, and import cover metrics.
He pressed ministers to prepare three, six, and twelve-month projections evaluating the impact of prolonged regional conflict on global oil prices, national reserve levels, foreign exchange financing gaps, and external debt service commitments.
The former finance minister emphasised that geopolitical hostilities involving the United States, Israel, and Iran, which commenced on 20 February 2026, pose severe risks to the island's recovery through elevated energy, freight, and import costs.
He requested a comprehensive, quantified assessment of cumulative monthly cost increases across essential commodities including crude oil, gas, coal, fertilizer, and aviation fuel compared to pre-war baselines.
Furthermore, he urged the government to disclose revenue losses across key economic sectors, including tourism, export earnings, foreign direct investment, and overseas worker remittances.
To mitigate compounding financial risks, he advised that state fuel subsidies be restricted exclusively to the state-owned Ceylon Petroleum Corporation rather than private foreign distributors.
He also urged the government to negotiate a follow-up assistance package with the International Monetary Fund before the current four-year bailout agreement concludes in March 2027.
In addition, he called for accelerated investments in renewable energy and requested quarterly progress reports to ensure legislative oversight of national economic risks.
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