World heaves sigh of relief

The whole world collectively heaved a sigh of relief on Tuesday when it was announced that the United States and Iran have agreed to a two-week ceasefire brokered by Pakistan, suspending a six-week-old war that has led to the deaths of thousands in the Middle East and disrupted the world’s energy supply lines.

Iran has confirmed it will allow the resumption of shipping across the Strait of Hormuz during the two-week period, easing a disruption which had sent global oil and gas prices soaring. Israel has also announced it will halt its attacks on its long-time foe, international media reports said.

The terms of the agreement are not entirely clear, but talks between the US and Iran are slated for tomorrow in the Pakistan capital, Islamabad, where a durable peace agreement will be discussed. Given the massive disruption to the lives of people all over the world, any ceasefire agreement is most welcome.

Sri Lanka is among the worst-hit countries due to hostilities in the ME region and, hence, this news is indeed welcome.

President Anura Kumara Dissanayake, who met with the Council of Arab Ambassadors accredited to Sri Lanka yesterday, said Sri Lanka hopes for the swift restoration of peace in the Middle East and expressed concern over attacks targeting countries in the region that are not directly involved in the conflict. He stressed that such actions cannot be condoned under any circumstances.

The President also appreciated the continued support extended to Sri Lanka by Middle Eastern countries, particularly their contributions towards meeting the country’s energy requirements, providing employment opportunities for Sri Lankan workers, and supporting the tourism industry, and thanked them for ensuring the safety of Sri Lankan citizens amidst the current situation.

Sri Lankans collectively hope for a swift resolution to the ME situation given the toll it has already taken on the country’s faltering economy. Tea prices have fallen, tourist arrivals have slumped, and the rise in the world market price of oil has led to fuel increases, which have in turn led to a steep rise in the prices of essential goods. This, coming at a time when the Sinhala and Tamil New Year is around the corner, will have a worse impact on the public.

On Tuesday, the President, who is also the Finance Minister, announced a Rs. 100 billion relief package to help contain the impact of the Middle East war on the domestic economy. During his speech in Parliament, he gave a snapshot of the strain on the country’s economy, first from the destruction caused by Cyclone Ditwah and now due to the ME conflict. He said the increase in fuel prices has imposed an additional burden of around $ 1.5 billion, and while remittances have remained resilient, with March inflows exceeding previous March levels, tourism earnings have fallen short, reducing foreign exchange inflows.

The three-month relief package includes diesel and petrol subsidies for vital sectors, as well as an increase in fuel, fertiliser and social security allowances. The relief package is welcome, given the impact that the war has had on the lower rungs of society in particular, and will go some way to soften the blow.

If the ceasefire holds and there can be a durable peace agreement, Sri Lanka, like many other countries, can get back to dealing with its own problems without being held hostage due to an unnecessary conflict which is more a clash of egos than one being fought for any valid reasons. It is hoped that sanity will prevail and all parties will agree to end hostilities for good.