Sri Lanka downgraded by world bank, tourist arrivals drop by 50%, rupee stays firm

Friday, 03 July 2020 - 18:52

World Bank has downgraded Sri Lanka to a lower-middle income country from an upper-middle income country to a lower-middle income one from 1st July.

Meanwhile it has been reported that the Cabinet has decided to give the Ruwanpura Expressway Project (REP) to local contractors, changing the previous plans that had earmarked the first phase to be awarded to a Chinese company.

No tourist arrivals have been recorded for the months of April, May and June 2020 due to the termination of all passenger flights and ship arrivals into Sri Lanka from 18th March 2020.

Therefore, the total arrivals recorded from January to June 2019 was 1,008,449.

In comparison to January to June last year (2019), this is a decline of 49.7 % recorded for the same period in 2020.

Meanwhile according to reports, Sri Lanka Insurance has received the USD 4 million, Sri Lankan Airlines’ aviation insurance policy.

The cabinet has decided to renew the policy with Sri Lanka Insurance Corporation.

The Sri Lanka rupee closed firmer at 186.05 to USD on Thursday while and stocks closed lower.