📈 MP Shanakiyan Calls for Bipartisan Action Amid Macro Pressures

ITAK MP Shanakiyan Rasamanickam has urged for a collective national response to mitigate rising economic pressures on households and businesses, warning against a potential secondary economic collapse. Key Macroeconomic Pressures: • Currency Volatility: The Sri Lankan Rupee (LKR) depreciated by ~6% against the US Dollar between Jan 1 and May 18, 2026, reaching Rs. 327.60, with further weakening noted since. • Cost of Living: Inflation and expenses have intensified due to electricity tariff hikes and higher fuel prices linked to the US-Iran conflict. Proposed Targeted Interventions: • Social Safety Nets & Relief: Expansion of the Aswesuma welfare program, temporary VAT relief on essential goods, and transport subsidies for essential workers. • Fiscal & Trade Controls: Criticized untargeted fuel subsidies benefiting affluent consumers/corporates; called for restrictions on luxury imports. • Growth & Investment: Proposed a Sri Lanka Development Fund to boost tourism inflows and requested an All-Party Conference to strategize on Foreign Direct Investment (FDI). National Stance: • The Opposition expressed commitment to protecting national foreign exchange inflows, with Rasamanickam explicitly stating he would not discourage the diaspora from sending remittances during this period of economic hardship.