Shanakiyan calls for mature, collective response to macro pressures

Saturday, 23 May 2026 05:44 - - {{hitsCtrl.values.hits}}

ITAK MP Shanakiyan Rasamanickam

Proposes Aswesuma expansion, transport subsidies
Suggests VAT relief on essentials, and curb on luxury imports
Says fuel subsidies benefiting affluent consumers and corporates

Illankai Tamil Arasu Kachchi (ITAK) MP Shanakiyan Rasamanickam yesterday called for a bipartisan national response to mounting economic pressures, warning that rising currency volatility, inflation and energy costs were placing growing strain on households and businesses.

Raising the issue in Parliament, Rasamanickam questioned the Government on what immediate relief measures would be introduced to support low- and middle-income families affected by the depreciation of the rupee, rising fuel prices and electricity tariff increases.

He proposed several targeted interventions, including an expansion of the Aswesuma welfare program, transport subsidies for essential workers, temporary VAT relief on essential goods, measures to stabilise the rupee and initiatives to attract foreign direct investment.

The ITAK MP also criticised untargeted fuel subsidies enjoyed by affluent consumers and large corporations, while calling for restrictions on luxury imports and the establishment of a Sri Lanka Development Fund aimed at improving tourism inflows.

Rasamanickam said the present economic situation required “mature political engagement and collective national responsibility,” adding that the Opposition did not wish to see Sri Lanka face another economic collapse.

“For this reason, we have requested the Hon. President to convene an All-Party Conference, because serious economic challenges and possible national remedies cannot be meaningfully addressed through a limited question-and-answer session alone,” he said.

Rasamanickam noted that the rupee had depreciated by around 6% against the US dollar since 1 January 2026, reaching Rs. 327.60 by 18 May, while inflation, higher fuel prices linked to the US-Iran conflict and electricity tariff hikes had intensified cost-of-living pressures.

He questioned the Government on its strategy for managing rupee volatility and asked what concrete measures would be taken to improve foreign investment inflows amid continued currency pressure.

Rasamanickam said the rupee had weakened further by the time the issue was taken up for discussion, underscoring the seriousness of the concerns raised.

He also said that despite political differences, the Opposition would not seek to undermine foreign exchange inflows during a period of economic stress.

“I will never call upon the Tamil diaspora or others abroad to stop sending dollars or foreign remittances to Sri Lanka during a time of economic hardship,” he said.