HONG KONG/SINGAPORE - Sri Lanka faces a likely collapse in tourism following Easter Sunday bomb attacks on churches and hotels, which would deal a severe blow to the island's economy and financial markets, and potentially force it to seek further IMF assistance.
There is even a possibility that more IMF money may be needed if foreign investment falls, adding to the hard currency gap left by plunging tourism receipts. "Decisive policy and security measures by the authorities will be important, in particular for tourism, which accounts for 5 percent of GDP, to build on the strong performance of recent years," mission chief Manuela Goretti said in a statement.
A fall in tourism receipts is bound to weaken the rupee over time. The central bank, whose coffers are too light to defend the currency through interventions, is likely to have to raise interest rates. Sri Lankan bonds have been among the best performing globally, only bettered by Argentina and Chile. But the main stock index has lost about 10 per cent.To help fund a record US$5.9 billion in foreign loans this year, the country successfully sold US$2.4 billion in five-year and 10-year US dollar bonds last month, but that was right after the IMF extension and amid bets of looser monetary policy.
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