The Fort Worth Press - Sri Lanka calls for diaspora investment on independence day

USD -
AED 3.673042
AFN 68.112673
ALL 94.198378
AMD 389.366092
ANG 1.801814
AOA 913.000367
ARS 1003.735016
AUD 1.538462
AWG 1.8025
AZN 1.70397
BAM 1.877057
BBD 2.018523
BDT 119.468305
BGN 1.87679
BHD 0.376794
BIF 2953.116752
BMD 1
BND 1.347473
BOB 6.908201
BRL 5.801041
BSD 0.99976
BTN 84.384759
BWP 13.658045
BYN 3.27175
BYR 19600
BZD 2.015164
CAD 1.39805
CDF 2871.000362
CHF 0.89358
CLF 0.035441
CLP 977.925332
CNY 7.243041
CNH 7.25914
COP 4389.749988
CRC 509.237487
CUC 1
CUP 26.5
CVE 105.825615
CZK 24.326204
DJF 178.031575
DKK 7.158304
DOP 60.252411
DZD 134.221412
EGP 49.650175
ERN 15
ETB 122.388982
EUR 0.95985
FJD 2.27595
FKP 0.789317
GBP 0.798053
GEL 2.740391
GGP 0.789317
GHS 15.795384
GIP 0.789317
GMD 71.000355
GNF 8617.496041
GTQ 7.717261
GYD 209.15591
HKD 7.78445
HNL 25.264168
HRK 7.133259
HTG 131.234704
HUF 395.000354
IDR 15943.55
ILS 3.70204
IMP 0.789317
INR 84.43625
IQD 1309.659773
IRR 42075.000352
ISK 139.680386
JEP 0.789317
JMD 159.268679
JOD 0.709104
JPY 154.770385
KES 129.468784
KGS 86.503799
KHR 4025.145161
KMF 472.503794
KPW 899.999621
KRW 1404.510383
KWD 0.30785
KYD 0.833149
KZT 499.179423
LAK 21959.786938
LBP 89526.368828
LKR 290.973655
LRD 180.450118
LSL 18.040693
LTL 2.95274
LVL 0.60489
LYD 4.882192
MAD 10.057392
MDL 18.23504
MGA 4666.25078
MKD 59.052738
MMK 3247.960992
MNT 3397.999946
MOP 8.015644
MRU 39.77926
MUR 46.850378
MVR 15.460378
MWK 1733.576467
MXN 20.428504
MYR 4.468039
MZN 63.910377
NAD 18.040693
NGN 1696.703725
NIO 36.786794
NOK 11.072604
NPR 135.016076
NZD 1.714237
OMR 0.384846
PAB 0.99976
PEN 3.790969
PGK 4.025145
PHP 58.939038
PKR 277.626662
PLN 4.16352
PYG 7804.59715
QAR 3.646048
RON 4.778204
RSD 112.294256
RUB 104.308748
RWF 1364.748788
SAR 3.754429
SBD 8.383555
SCR 13.699038
SDG 601.503676
SEK 11.036204
SGD 1.346604
SHP 0.789317
SLE 22.730371
SLL 20969.504736
SOS 571.332598
SRD 35.494038
STD 20697.981008
SVC 8.748021
SYP 2512.529858
SZL 18.034455
THB 34.480369
TJS 10.647152
TMT 3.5
TND 3.17616
TOP 2.342104
TRY 34.552504
TTD 6.790153
TWD 32.583504
TZS 2659.340659
UAH 41.35995
UGX 3694.035222
UYU 42.516436
UZS 12825.951341
VES 46.55914
VND 25419
VUV 118.722009
WST 2.791591
XAF 629.547483
XAG 0.031938
XAU 0.000369
XCD 2.70255
XDR 0.760497
XOF 629.547483
XPF 114.458467
YER 249.925037
ZAR 18.15566
ZMK 9001.203587
ZMW 27.617448
ZWL 321.999592
  • RELX

    0.9900

    46.75

    +2.12%

  • BCC

    3.4200

    143.78

    +2.38%

  • RIO

    -0.2200

    62.35

    -0.35%

  • GSK

    0.2600

    33.96

    +0.77%

  • RBGPF

    59.2400

    59.24

    +100%

  • SCS

    0.2300

    13.27

    +1.73%

  • NGG

    1.0296

    63.11

    +1.63%

  • CMSC

    0.0320

    24.672

    +0.13%

  • BTI

    0.4000

    37.38

    +1.07%

  • JRI

    -0.0200

    13.21

    -0.15%

  • BCE

    0.0900

    26.77

    +0.34%

  • AZN

    1.3700

    65.63

    +2.09%

  • RYCEF

    -0.0100

    6.79

    -0.15%

  • VOD

    0.1323

    8.73

    +1.52%

  • CMSD

    0.0150

    24.46

    +0.06%

  • BP

    0.2000

    29.72

    +0.67%

Sri Lanka calls for diaspora investment on independence day
Sri Lanka calls for diaspora investment on independence day

Sri Lanka calls for diaspora investment on independence day

Sri Lanka marked its independence day on Friday with an appeal to its diaspora to send money home to overcome the island's worsening economic crisis and a pledge to protect foreign investments.

Text size:

President Gotabaya Rajapaksa urged millions of Sri Lankans abroad to invest their savings in their home country, which is facing its worst debt crisis since independence from Britain 74 years ago.

"Expatriate Sri Lankans who provide foreign exchange to the country are a major resource to us," Rajapaksa said.

"I invite all expatriate Sri Lankans to invest in their homeland."

Colombo's foreign reserves, which stood at $7.5 billion when Rajapaksa took office in November 2019, have fallen by more than half, to $3.1 billion.

Worker remittances, Sri Lanka's number one foreign currency source, fell nearly 60 percent in December. For 2021 as a whole, the figure dropped a record 22.7 percent, to $5.49 billion.

Tourism, another key source of income for the country, has been battered by the coronavirus pandemic.

The government imposed a broad import ban in March 2020 in a bid to save foreign currency, leading to shortages of food and fuel as well as raw materials needed for manufacturing and export-oriented industries.

Rajapaksa, who came to power two years ago pledging to "retake" all state enterprises either leased or partly sold to foreign companies by the previous administration, called for greater foreign involvement in Sri Lanka's economy.

"Foreign investment is especially important for large-scale projects, industries requiring modern technological know-how and new ventures that open up global market opportunities for us," he said.

He criticised "those who attempt to propagate incorrect public opinion against foreign investments, based on political motives".

His own coalition cabinet is divided on a move to sell a stake in a state electricity utility to a US company.

Faced with record inflation, falling reserves and warnings from international rating agencies about Sri Lanka's ability to service its $35 billion external debt, Rajapaksa's finance minister brother Basil announced Wednesday that he had sought technical advice from the International Monetary Fund.

The IMF responded by saying it was ready to discuss "options" if the government asked for financial support.

"While the IMF has not received a request for financial support from Sri Lanka, the staff stands ready to discuss options if requested," mission chief Masahiro Nozaki said in a written statement to AFP in Washington.

In an address to the nation ahead of a military parade, Rajapaksa made no reference to seeking IMF help, but said he was focused on finding both short- and long-term solutions and called for an "optimistic approach".

T.Mason--TFWP