Cash-strapped Sri Lanka appeals to expats to send money

[TexasTowelie]

COLOMBO, Sri Lanka (AP) — Sri Lanka celebrated its Independence Day on Friday with an appeal by the president to the country’s expatriates to send money home as it struggles with the worst economic crisis in decades mainly due to depleted foreign reserves.

Sri Lankans are facing shortages of milk powder, cooking gas, kerosene and other essentials. Cash shortages have hindered imports of raw materials for manufacturing and worsened inflation, which surged to 12.1% in December.

The pandemic has dealt a heavy blow to an economy that depends heavily on tourism and trade, with the government estimating a loss of $14 billion over the last two years. The economy is estimated to have contracted by 1.5% in July-September 2021, according to the central bank.

President Gotabhaya Rajapaksa said Sri Lankans abroad who sent foreign currency back home are a major resource.

“I invite all expatriate Sri Lankans to invest in their homeland,“ he said in an address during a ceremony marking Independence Day in the capital, Colombo. A colorful military parade followed his speech.

Read more: https://spectrumnews1.com/ma/worcester/ap-online/2022/02/04/cash-strapped-sri-lanka-appeals-to-expats-to-send-money

[Alexander Of Assyria]

1. Countries with hard currency have it easy. Other currency actually is just paper.