Sri Lanka tourism may take 30 percent hit, but will bounce back: Mangala

ECONOMYNEXT – Sri Lanka’s tourism sector may take a 30 percent hit but will bounce back with security being tightened, Finance Minister Mangala Samaraweera said.

A 10 percent fall in arrivals could generate a 500 million dollar loss in tourism revenues he said and a 30 percent fall could generate about 1.5 billion dollar loss.

"We think we can change it around fast," Samaraweera said.

Last year Sri Lanka earned over 4.0 billion dollars from tourism.

Samaraweera said when extremists targeted Luxor in Egypt specifically targeting tourist, the country was back to normal in one and a half years.

Finance Ministry Advisor Deshal de Mel said the strategy was to tighten security, make tourists safe and communicate the message.

Sri Lanka has identified many of the bombers and members of two groups that are blamed for the attacks.

President Sirisena said security forces were making rapid progress in arresting those involved. Authorities believe two extremist groups made up of about 140 members are involved in the attacks.

Sri Lanka may also have to help hotels with debt repayments, if there are steep falls in revenue. (Colombo/Apr27/2019)
 

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