“PUSHING THE BOUNDARIES” With US-China relations in particular riddled with explosive issues like trade, human rights and Taiwan, Beijing has tightly consolidated its control of sensitive information. Many experts interpreted state TV coverage of the raids as an unambiguous warning to Chinese citizens about the risks of engaging with firmsContinue Reading
Sri Lanka’s central bank forecast the economy will shrink by 2 per cent this year but expand by 3.3 per cent in 2024. The prediction is more optimistic than the IMF’s, which pegged contraction this year at about 3 per cent and growth of 1.5 per cent next year.
Tourism is “central” to Sri Lanka’s recovery, said Mr Sabry, calling it “one of the lowest hanging fruits”.
While numbers have come down “drastically” since the highs of about 2.4 million tourists in 2018, he said, there has been a “continuous inflow” of tourists in the last eight months.
While Sri Lanka’s tourism industry has been affected by Russia’s invasion of Ukraine, given that both Russians and Ukrainians have been among its top 10 tourist arrivals, Russian tourists have continued to visit the island nation, he said.
Mr Sabri also highlighted the strong support from countries like India, Germany and France. He added that he also looks forward to tourists from China and Japan.
“Tourism seems to be good (by) all indications … and most of the travel agencies, as well as sites and promoting agencies, have identified Sri Lanka as one of the very good markets for the coming few months,” he said.
Mr Sabry also expressed optimism on his country’s road to debt restructuring. Sri Lanka is on track to complete the debt restructuring process in time for the first review in September, said the foreign minister.
“We have introduced price-sensitive, cost-reflective pricing in so many areas. SOE (state-owned enterprise) reforms are on the cards and tax reforms have come into play,” he said.
“There is a sense of stability in the country, and we have eliminated all sorts of queues and the shortages.”
Sri Lanka owes about US$17 billion in foreign debt, including to India and China. Both countries have agreed to restructure their loans, which prompted the IMF to extend Colombo a lifeline of US$3 billion.
In return, Sri Lanka has promised to restructure state-owned enterprises and privatise the national airline. It has also introduced higher taxes to pay for essentials like food and fuel.
“We are confident, just like we managed to secure the debt restructuring assurances from our friends and the creditors, we should be able to restructure it because that’s good for everybody. Without debt restructuring, our debts are not going to be sustainable,” he said.
Mr Sabry said that a lack of debt sustainability will not be good for investment or creditors, adding that the shorter the discussions on restructuring go on for, the better for all parties.
“I know some tough negotiations (are) around the corner, but so far the signs are encouraging from our friends, both bilateral and otherwise,” he said.
He added that he expects the island nation to achieve sustainable debt by 2027.
SINGAPORE: Travellers who snapped up All Nippon Airways (ANA) tickets at erroneously discounted prices last week will have their bookings cancelled and refunded fully, the airline said on Tuesday (Apr 25). In a notice posted on its websites, ANA said that there had been a “technical issue with the currencyContinue Reading
At the Shanghai Auto Show, dozens of new electric vehicle models were on display.Continue Reading
HONG KONG: Jack Ma, founder of Chinese tech giant Alibaba, has been made an honorary professor of business at a top Hong Kong university, the school announced Friday (Apr 21). The appointment comes weeks after the billionaire made a rare public appearance in China following his fall from grace duringContinue Reading
Business owners remain optimistic Itaewon will once again be the must-go place for foreigners and locals in South Korea.Continue Reading
GUANGZHOU: Chinese exporters exhibiting their products at the country’s largest trade fair said the weak global economy was hurting their businesses, with many freezing investments and some cutting labour costs in response. The subdued mood at the Canton Fair in the southern city of Guangzhou suggests China’s unexpected jump inContinue Reading
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TOKYO: Japan on Friday (Apr 14) approved a plan to build the country’s first casino in the western city of Osaka, paving the way for a large resort aimed at attracting domestic and international tourist spending. Put forth by the city and Osaka prefecture, the project aims to open aContinue Reading
COLOMBO: Cash-strapped Sri Lanka is considering exporting up to 100,000 endangered monkeys to China, the agriculture minister said Wednesday (Apr 12), raising concerns among conservationists. The toque macaque is endemic to Sri Lanka and common on the island but is classed as endangered on the International Union for Conservation ofContinue Reading