President unveils relief package with higher subsidies amid global crisis pressures

Sri Lanka
By Editor_1
President Anura Kumara Dissanayake addressing Parliament, where he announced Sri Lanka will use a 1,200 billion rupee cash buffer in the Treasury for cyclone relief and recovery, and sought approval for extra spending of 500 billion rupees in 2026 - EN/File

COLOMBO – President Anura Kumara Dissanayake on Tuesday (7) presented a new economic relief package in Parliament aimed at supporting groups affected by the ongoing Middle East crisis, outlining a series of subsidy increases and cost-of-living measures.

Addressing the House, the President announced that the fertilizer subsidy for the upcoming Yala season will be increased to Rs 30,000 per hectare, while the subsidy for other crops will be raised from Rs15,000 to Rs 18,000 per hectare.

He also detailed revisions to the Aswesuma welfare program, with the Rs 17,500 allowance set to increase to Rs 25,000, and the Rs 10,000 allowance raised to Rs 15,000. The transition allowance will be increased by Rs 2,500.

The President said several sectors of the economy have been adversely affected by global wartime conditions, noting that the government has remained vigilant in responding to emerging challenges, particularly in the fuel and energy sectors.

Highlighting the impact of global price fluctuations, he said the cost of a litre of diesel currently exceeds Rs 600 based on prevailing market rates.

Dissanayake announced that a cost-reflective fuel pricing mechanism will be reintroduced around May 1, with prices to be calculated based on data from the preceding month.

“As part of the next adjustment, we plan to provide a subsidy of up to Rs 100 per litre of diesel and up to Rs 20 per litre of petrol,” he said, adding that the estimated monthly cost of the subsidy program would be Rs 20 billion.

The relief package is proposed for an initial period of three months, with subsidies targeted at identified communities. The total projected expenditure over the period is estimated at Rs 60 billion, primarily driven by the diesel subsidy.

However, the President noted that due to limitations in data availability, prices of Super Diesel and Super Petrol will be aligned with market rates.

-ENCL

Editor_1
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