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Sri Lanka plans laws, fast-track measures to attract foreign exchange -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO SRI Lanka’s President Gotabaya Rajapaksa gives his national address as part of the UN Climate Change Conference (COP26), in Glasgow, Scotland. This was on November 1, 2021. Andy Buchanan/Pool via REUTERS

COLOMBO, (Reuters) – Sri Lanka will adopt new laws in order to draw investments, while policies for developing exports and tourism will be quickly implemented to help rebuild foreign currency reserves. This was stated by President Gotabaya Rajapaksa to parliament Tuesday.

Rajapaksa spoke out saying that the debilitating lack of forex is inevitable unless spending is managed effectively.

With $3.5 billion worth of outstanding debt due this year, the nation’s official reserves at $3.1 million at December’s end, it will need to repay that amount.

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