Former United National Party Deputy Leader and Parliamentarian Ravi Karunanayake has warned that Sri Lanka should not expect a significant decline in global oil prices amid continuing uncertainty surrounding the Iran crisis.
Speaking to the media, Karunanayake said several peace initiatives aimed at ending the conflict and easing tensions in the Middle East had failed, making future developments difficult to predict.
He said Sri Lanka must therefore take urgent steps to strengthen the domestic economy rather than rely on a potential resolution to the Iran-US tensions.
Although negotiations have taken place between the United States and Iran, Karunanayake argued that Sri Lanka should prepare for continued uncertainty in global energy markets.
He said strengthening the rupee should be a key priority, as a stronger currency could help limit the impact of higher international oil prices on the domestic economy.
Karunanayake also called for increased exports, tighter control over imports and the maintenance of a surplus of foreign exchange dollars as measures that could support the rupee and help contain inflation.
