Food and beverage industry in sri lanka

Sri Lanka, a popular destination for holidaymakers, should be teeming with tourists at this time of year. Instead, an unprecedented economic crisis and political turmoil have all but wreaked its tourism with about 40 per cent of the pre-bookings being cancelled recently. Tourism accounts for about 5 per cent of Sri Lanka’s Gross Domestic Product (GDP), with Britain, India and China being the main markets. Sri Lanka is facing its worst foreign exchange crisis after the COVID-19 pandemic hit the island nation’s earnings from tourism and remittances. According to the Sri Lanka Tourism Development Authority (SLTDA), the number of tourist arrivals decreased by 60 per cent in June. Director General of SLTDA Dhammika Wijesinghe said the situation had arisen due to the unprecedented economic crisis. As per SLTDA data, 106,500 tourists arrived in March 2022, but the number dwindled to 32,856 in June. Wijesinghe said July and August are the best months for tourism in Sri Lanka. … [Read more...] about Sri Lanka’s spiralling economic crisis dents its lucrative tourism industry

Sri Lanka used to be a middle-income country, with GDP per head comparable to the Philippines and living standards the envy of neighbouring India. But with economic mismanagement and the crucial tourism industry hammered by Covid-19, the nation has run out of dollars needed to pay for most imports. (Image: AFP) Sri Lanka will restrict fuel imports for the next 12 months as it is facing a severe shortage of foreign exchange, Minister of Power and Energy Kanchana Wijesekera has said while announcing a rationing system for the distribution of fuel across the crisis-hit island nation. Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, leaving millions struggling to buy food, medicine, fuel and other essentials. The severe foreign exchange shortage has hampered the import of fuel and other essentials in the country reeling under the worst economic crisis in seven decades. Taking to Twitter on July 25, Wijesekera said a QR system has … [Read more...] about Sri Lanka to restrict fuel imports for one year amid the worst economic crisis: Minister

UPDATE Sri Lanka’s exiled president Gotabaya Rajapaksa will be allowed to stay in Thailand for 90 days, according to Thailand’s Deputy PM Don Pramudwinai. Don is also Thailand’s Minister of Foreign Affairs. Don told Thai media that he understands Sri Lankans are angry at their former president, and he stressed that Gotabaya will only be allowed to stay for a limited time. He said… “In difficult times, we consider many things together, but the important thing is that he doesn’t cause a problem for Thailand, and he doesn’t stay in the country the most more than 90 days.” Don said that Gotabaya will manage his own accommodation. A spokesperson for Thailand’s Foreign Affairs Ministry, Tanee Sangrat, told the Bangkok Post that the decision was based on the countries’ “cordial ties”, and that “no political asylum has been sought”. Gotabaya was forced out of Sri Lanka after over 100,000 protesters stormed and set fire to the presidential palace on July 9. This was after Sri … [Read more...] about UPDATE: Sri Lanka’s exiled president allowed temporary Thailand stay, with conditions

After angry mobs of protesters drove him out of Sri Lanka and into exile, President Gotabaya Rajapaksa is now planning to seek safe harbor in Thailand. According to two sources, he’s expected to arrive tomorrow after taking up temporary residence in Singapore for the past few weeks. Last month, party leaders in Sri Lanka met and agreed to ask both the president and PM to resign due to an “overwhelming request”  according to local lawmaker Rauff Hakeem. Citizens did more than request, however, when over 100,000 protesters, angry about the country’s worst economic crisis in 70 years, stormed the presidential palace on July 9 while simultaneously setting fire to his private residence. Neither the prime minister nor the president were inside the house when the protestors set the fire, but a video shows the large crowd even swimming in the president’s swimming pool amid all the chaos and the president struggled to flee Sri Lanka when even airport security didn’t want to let him … [Read more...] about Exiled Sri Lanka president expected to arrive in Thailand tomorrow

The Gotabaya Rajapaksa government needs an outside investor also because the country is dealing with a dire economic crisis Gotabaya Rajapaksa, once considered a "war hero" by the Sinhalese Buddhist majority for crushing the LTTE and ending the nearly 30-year civil war, is now detested by the same people who dramatically stormed his official residence over Sri Lanka's worst economic crisis following which he fled the country in the middle of the night. The 73-year-old politician and younger brother of former prime minister Mahinda Rajapaksa, is a former military officer who attended the counter-insurgency and jungle warfare school in Assam in 1980. He was the first person with a military background to be elected as Sri Lanka's President in 2019 with a huge mandate. His resignation comes days after thousands of protesters stormed his official residence, blaming him for the island nation's unprecedented economic turmoil since its independence from Britain in 1948. The … [Read more...] about Gotabaya Rajapaksa; A ‘war hero’ detested by his admirers over Sri Lanka’s worst economic crisis

Sri Lanka’s Supreme Court on Wednesday barred former prime minister Mahinda Rajapaksa, ex-finance minister Basil Rajapaksa and former Central Bank Governor Ajith Nivard Cabraal from leaving the crisis-hit country till August 2, extending an overseas travel ban that was imposed till July 28. The petition against them was filed by a group including former Chairman of the Ceylon Chamber of Commerce Chandra Jayaratne, former Sri Lanka swimming champion Julian Bolling, Jehan Kanagaratna and Transparency International Sri Lanka, according to news portal Colombo Gazette. The petitioners claimed that the three persons were directly responsible for the unsustainability of Sri Lanka’s foreign debt, its debt default and the current economic crisis. On July 15, Sri Lanka’s apex court had barred the trio from leaving the country till July 28, the report said. That ban has now been extended till August 2, it added. Earlier this month, Basil was prevented from leaving Sri Lanka following … [Read more...] about Sri Lanka’s Supreme Court extends overseas travel ban on Mahinda Rajapaksa brothers till Aug 2

(CTN News) – According to the Foreign Ministry, Thailand has donated medicines, medical supplies, food, and financial support worth 5 million baht to Sri Lanka. Thai Red Cross Society, Somdet Phra Nyanasamvara Somdet Phra Sangharaja Wat Bavoranives Vihara Foundation under the Royal Patronage, and Wat Phra Ram 9 Karnchanapisek made the donations. Another 1.3 million baht worth of medical supplies was also donated to Sri Lanka by the Foreign Ministry. Sri Lanka’s Ambassador CA Chaminda I Colonne received donations on behalf of his government. Prior to this, the Thai Parliament donated 700,000 baht and Siam City Cement donated 4 million baht worth of medical supplies and monetary aid to Sri Lanka. Thailand donates over 6 million baht to Sri Lanka Various Thai public and private sectors are also considering providing additional assistance to Sri Lanka. According to the announcement, the donations reflect the close ties and goodwill between Thais and … [Read more...] about Thailand Donates Over 6 Million Baht To Sri Lanka

The IMF logo as seen outside the headquarters building in Washington The IMF on Friday said that it is deeply concerned about the current crisis in Sri Lanka and hopes for a resolution of the current situation to resume talks as soon as possible on a bailout package for the island nation. Sri Lanka is going through a deepening political and economic crisis. President Gotabaya Rajapaksa has resigned, and Parliament Speaker Mahinda Yapa Abeywardenaon officially announced on Friday, after a week of dramatic developments and massive protests against the government for mishandling the economy that has bankrupted the country. We hope for a resolution of the current situation that would allow for our resumption of a dialogue on an IMF-supported programme, Gerry Rice, the Director of the Communications Department of the IMF, was quoted as saying by News First Lanka. The high-level discussions with the authorities that we would need to begin discussions on a programme, we hope … [Read more...] about IMF wants stability in Sri Lanka to resume talks on bailout deal

As President, Ranil Wickremesinghe will serve the remainder of Gotabaya Rajapaksa’s term that ends in 2024. Sri Lanka’s Parliament is set to convene on Wednesday for the first session under new President Ranil Wickremesinghe and will approve the state of emergency imposed over a week ago to quell social unrest, an official announcement said on Tuesday. Wickremesinghe announced the state of emergency on July 17 after President Gotabaya Rajapaksa fled Sri Lanka to escape a popular uprising against his government’s economic mismanagement. The veteran politician was appointed the interim president following Rajapaksa’s departure to the Maldives and then to Singapore amid unprecedented anti-government protests. Parliament on Wednesday elected Wickremesinghe, an ally of Rajapaksa, as the successor to Rajapaksa, who resigned after reaching Singapore. It was the first time in 44 years that Sri Lanka’s Parliament directly elected a president. Parliament on Wednesday elected … [Read more...] about Sri Lanka’s Parliament to meet for first session under President Ranil Wickremesinghe on Wednesday

The president of Sri Lanka fled the country early on July 13, slipping away in the middle of the night only hours before he was to step down amid a devastating economic crisis that has triggered severe shortages of food and fuel. (Image: AP) Sri Lanka's parliament will vote on a new president on July 20, the speaker's office said Friday following the resignation of Gotabaya Rajapaksa after he was driven out of the country. Nominations for the post of president will be received on Tuesday and MPs are due to vote the following day, Speaker Mahinda Yapa Abeywardana's office said in a brief statement. … [Read more...] about Sri Lanka parliament to elect new president on July 20: Official