Sri Lanka is facing a severe foreign exchange crisis .. the...


Sri Lanka’s Finance Minister, Basel Rajapaksa, said that his country is facing an acute shortage of foreign currencies after the decline in its revenues from tourism and remittances from workers abroad as a result of the emerging Corona virus pandemic.

Rajapaksa added during a parliamentary session that government revenues were much less than the target due to the damage to economic activity from the pandemic, at a time when the closure measures were extended in the country with the high number of infections and deaths from the mutated delta strain of the emerging Corona virus.

And Bloomberg News Agency indicated today that the decline in foreign exchange reserves in Sri Lanka prompted S&P Global Ratings to adjust the future outlook of Sri Lanka to become negative, which means the possibility of downgrading its credit rating in the coming months. This reinforced fears of Sri Lanka’s inability to pay the debt installments due next year, estimated at about 1.5 billion dollars.

According to the data of Trading Economics, tourism revenues in Sri Lanka fell during the current year to about two million dollars per month, compared to 450 million dollars per month two years ago. The tourism sector represented about 5 percent of Sri Lanka’s $81 billion economy before the outbreak of the novel coronavirus pandemic.

Sri Lanka’s foreign exchange reserves fell to their lowest level since 2009 after paying off $1 billion in debt last July.





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