Tens of thousands flee worst economic crisis in decades as government and companies launch schemes to retain talentUniversity students during a protest march in Colombo, Sri Lanka.
But by March, she said the crisis – which saw fuel shortages spiral into economic meltdown alongside political protests that ousted the president – had made daily life too hard. ”We realised that if we do not jump ship [soon] it was going to be difficult for us [to leave the country].” On top of the daily grind migrants said they had lost faith in the government and feared that rising nationalism would favour the feckless at the polls, hastening the middle-class exodus.
In a bid to retain talent IT companies that run support services for big foreign firms – be it the London Stock Exchange, Qantas Airways or Boeing – began pegging local salaries to foreign currencies. Such outsourced services, mostly in tech, are one of the island’s biggest foreign exchange earners. But the currency shift has not helped much, industry leaders say.
Remittances are an important source of foreign exchange for Sri Lanka. By 2018 the country received over $7 billion in remittances, close to 8 per cent of the country’s GDP, according to IPS data.
Source: News Formal (newsformal.com)
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