Sri Lankan migrant workers employed in various fields around the world have remitted over USD 568 million to Sri Lanka as at March 2023, the Ministry of Labour and Foreign Employment announced.
Minister Manusha Nanayakkara too had made a special request from migrant workers which had paved for a significant increase in remittances as compared to the figure of USD 318.4 million recorded as at March 2022.
The increase in foreign currency remittances of USD 249.9 million is a 78.5% increase year-on-year.
Against the backdrop of mounting social, political and economic fallout as a result of the pandemic and resulting financial crisis, the commitment and assistance of the migrant workers during the course of a mere year bodes well for the recovery of Sri Lanka and marks a turning point that has brought hope to a nation in the doldrums opening up prospects for a complete recovery.
The impact on the economy as a result of the social unrest and economic downturn during the last year was felt across the nation by all Sri Lankans who faced many hardships ranging from a lack of access to goods and services, as well as a sharp increase in prices.
Production, industry and businesses were all hard hit on the back of severe fuel shortages, while a dangerous shortage of drugs and essential medicines put a strain on the country’s health services sector.
A significant impact to the nation as a whole was to the production and supply of power which is significantly dependent on fuel generated electricity which was in short supply and resulted in regular power outages.
While the impact was felt in the sectors of education, food security and health as a result of a lack of forex putting a strain on essential imports as well as the exports.
A lack of access to much-needed U.S. dollars on the back of defaulting on loans resulted in further downward pressure on the authorities to present a solution. An identified source in the short-term to boost lacking reserves were the migrant worker population in key labour markets.
As a result of the special initiative by the Minister of Labour and Foreign Employment Manusha Nanayakkara, migrant workers increased their remittances to Sri Lanka through legal and proper channels, bolstering reserves and recording the noteworthy inflow in remittances recorded year-on-year, as against last year’s figures.
This commitment towards the nation and indeed the lives of every Sri Lankan is laudable and worthy of praise in the highest regard.
