Tag: TRAVEL AND TOURISM

Sri Lanka is going through a major fuel crisis at present. The main reason for the crisis is the shortage of foreign exchange to buy fuel. If reports are to be believed, Sri Lanka is left with 5-6 days of fuel only. The nation's economy hits the bottom due to the pandemic. Due to the pandemic, the travel and tourism industry was on halt. That brought a major shock to Lanka's economy, which is highly dependent on tourism. The losses that the country is facing in the last two years due to the pandemic stands at 14 billion dollars. Between July-September 2021 the economy shrinks by 1.5% as per the Central Bank reports. Not only this the Inflation rate also rose to 12.1% in the month of December. To cope with the losses, Sri Lanka has borrowed international sovereign bonds worth 12.5 bi...