Madol Duwa, Koggala, Sri Lanka - Photo by Dinuka Lankaloka on Unsplash
Although held back by declining exports and loan repayments, the country of Sri Lanka has shown a beating heart over the rough few years brought on by COVID. Before the pandemic, tourism was the third-largest income based on foreign exchange inflows, with the example of many visitors flocking to many a boutique hotel in Galle, such as the indulgent KK Beach Galle.
According to an IMF representative (following an official two-day visit) Kenji Okamura, the economic recovery remains challenging, and it is essential to maintain the momentum for reform. The country still struggles with foreign imports that are based on exchange currency, especially with headwinds coming in from weak demand in key markets, notably the US and the EU, while exports of Sri Lankan garments dropped by 17% so far this year.
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