President urges collective action to tackle economic impact of Middle East crisis

President Anura Kumara Dissanayake emphasized that the current government's goal is to create an economy in Sri Lanka that benefits from advancements in science and technology. He called on the business community to work together to strengthen the national economy by seizing these new economic opportunities. The President assured that the government is ready to provide all necessary support for this initiative. He highlighted the government's aim to reclaim economic chances that the country missed by not keeping up with modern advancements. The President mentioned that a detailed plan has been developed for this initiative, with digitalization as a crucial focus. He pointed out that the government is looking into economic opportunities in areas like artificial intelligence and data centers. This year, nearly Rs. 6.5 billion has been set aside in the budget for digitalization, and the Digital Identity Card is expected to be issued before the year's end. These comments were made by President Anura Kumara Dissanayake during the Chamber of Lankan Entrepreneurs (COYLE) 2026 Annual General Meeting in Colombo on the afternoon of October 10, as reported by the President’s Media Division (PMD). The theme for this year's meeting was “Bridging Generations, Building Futures.” The President remarked that an economy thrives on trust. He stressed that entrepreneurs, those in the financial sector, and the general public must have confidence in the economy. He warned that a lack of trust can lead to economic collapse. He stated that Sri Lanka needs a stable economy that can endure both external and internal challenges, and the government is working to build such an economy, according to the PMD. While internal challenges have been managed, the country is now facing external difficulties due to the ongoing conflict in the Middle East. Since early March, the price of crude oil has surged by around 42%, causing significant uncertainty in the global market. He noted that this uncertainty is also reflected in consumer behavior in Sri Lanka, as seen by the rise in diesel sales from 4,500 kilolitres on March 1 to 10,500 kilolitres by March 3. President Anura Kumara Dissanayake explained that the crisis in 2022 was due to a shortage of US dollars, while the current situation is a supply crisis resulting from disruptions in supply chains. He pointed out that this challenge can be tackled effectively if everyone works together rather than individually. He further mentioned that the government has set up an “Economic Monitoring Committee” to manage the crisis and is in talks with friendly nations to sustain supply chains.