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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