COPF approves Rs 71.7 billion relief package for Middle East crisis impact

Sri Lanka
By Editor_1
Dr Harsha de Silva re Chair of the Committee on Public Finance (COPF) –H/O

COLOMBO – Parliament’s Committee on Public Finance  (COPF) has approved a Rs 71.7 billion relief package under the 2026 Third Supplementary Estimate (Deficit), aimed at mitigating the economic impact of the conflict in the Middle East and supporting vulnerable sectors.

The proposal was approved when the Committee, chaired by MP Dr Harsha de Silva, met recently in Parliament to examine the allocation of the supplementary funding.

Officials told the Committee that the largest allocation of Rs 52.8 billion has been earmarked for the fuel sector to offset increased import and handling costs, and prevent fuel shortages.

The relief package consists of two key components. A sum of Rs 52.8 billion reallocated to settle payments for relief measures, including fuel subsidies provided during May and June 2026, and a further Rs 18.9 billion reallocated to replenish funds used earlier this year to finance fuel subsidies, fertilizer assistance for small tea estate owners, and support for the fisheries sector.

Officials stressed that the supplementary estimate does not increase the government’s 2026 expenditure ceiling or borrowing limit. Similar to the Rs 20 billion supplementary estimate approved in June, the proposal involves only the reallocation of existing budgetary provisions.

The Committee was informed that the full Rs 71.7 billion will be drawn from the unused balance of the Rs 500 billion First Supplementary Estimate (Deficit) approved for post-Cyclone Ditwah reconstruction. As of June 30, only Rs 243.9 billion of that allocation had been utilized.

Officials also clarified that the fuel assistance is being implemented as a temporary consumer subsidy rather than direct financial support to fuel suppliers.

According to figures presented to the Committee, fuel subsidies paid in April 2026 totalled approximately Rs 20.5 billion, of which the Sri Lanka Petroleum Corporation received Rs 15 billion, while Lanka IOC received Rs 2.34 billion, Sinopec Rs 1.5 billion, and RM Parks (Private) Limited Rs 1.66 billion.

The Committee also reviewed other allocations under the relief package, including Rs 15 billion for the Ceylon Electricity Board; Rs 8.2 billion for the Aswesuma welfare program; Rs 3 billion to support Yala cultivation in the Northern Province; Rs 2.2 billion for small tea estate owners; and Rs 1.2 billion for the fisheries sector.

Officials from the Road Development Authority also briefed the Committee on the progress of reconstruction work following Cyclone Ditwah, noting that the Governments of India and China are assisting with the reconstruction of damaged bridges.

The Committee also discussed preparedness for future climate-related disasters in light of potential El Niño conditions. Chair Dr Harsha de Silva stressed the need to strengthen the statutory Disaster Management Fund to improve the country’s resilience to future emergencies.

Separately, members held detailed discussions on determining the salary of the Auditor General. Following an exchange of views on the wider public service salary structure, the Committee decided to reconvene at a later date to reach a final decision.

-ENCL

Editor_1
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