Key Points
Long-stay Russians number 300,000 and have transformed some of the countrys southern resort towns, not always for the better..
Sri Lankas dependence is more acute; along with textiles and tea, tourism is a principal money spinner for the economy and one with the most upside, as last years dramatic increase indicates..
When I think about itand I do think about it as a well-wisher of Sri Lanka as well as of Indias flagging labour-intensive industriesit is worrying that of my last four purchases from Marks & Spencer (M&S) in India, three were made in Bangladesh and only one in Sri Lanka, a country that used to be a favourite for buyers like M&S and Victorias Secret..
The government faced flak in parliament because of a planned 70% hike in salaries of central bank employees, while the employment minister grandly declared that Sri Lankan women should not be allowed to work overseas as housemaids..
Meanwhile, increased borrowing to stabilize the Sri Lankan economy means interest payments are forecast to jump to an alarming 8.4% of GDP in 2024, much higher than the 7.2% IMF estimate in March 2023..
