Tag: Government

Foreign exchange income from tourism, the largest services inflow to Sri Lanka after remittances, more than halved in May as the island nation’s economic crisis and the resultant social unrest appears to be getting worse, Sri Tourism Development Board sources said.

In a devastating move against the island nation, China has resolutely held back its assistance to avert the man-made economic crisis , despite being Sri Lanka’s single biggest bilateral investor and a consistent and unreserved supporter in the UN Human Rights Council.

With the increase of Ceylon Petroleum Corporation (CPC) fuel prices, the government will be compelled to control fuel distribution as oil reserves are currently dwindling

Sri Lanka Tourism Development Authority is taking “everything possible”step while exploring all avenues to pull the tourism sector towards the positive growth trajectory, an effort that is becoming increasingly challenging as economic conditions worsen in the country.

Sri Lanka is running out of time in commencing debt restructuring process with the delay in granting government approval to cabinet approved financial and legal advisers Lazard and Clifford Chance for the difficult task of renegotiating its debt of US$51 billion as the Attorney General’s Department is still to clear legal documents pertaining to the appointment, finance ministry sources said.