Saturday, November 26, 2022
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Sri Lanka Government urges ex-pats to send money home

On Friday, Sri Lankan President Gotabaya Rajapaksa appealed to the nation’s ex-pats to send money home as the country grapples with its worst economic crisis in decades, mostly owing to depleting foreign reserves.

Milk powder, cooking gas, kerosene, and other basics are in limited supply in Sri Lanka. Cash shortages have hampered the import of raw materials for manufacturing, causing inflation to rise to 12.1% in December.

President Gotabhaya Rajapaksa says “I invite all expatriate Sri Lankans to invest in their homeland,”

The coronavirus pandemic has wreaked havoc on the tourism- and trade-dependent economy of Sri Lanka, with the government estimating a $14 billion loss over the previous two years. According to the central bank, the GDP decreased by 1.5 per cent from July to September 2021.

Importers are unable to clear their cargo, and manufacturers are unable to purchase raw materials from other countries due to cash scarcity.

Sri Lanka has taken on significant debt and must repay $15 billion in foreign sovereign bonds.

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