from financial crisis surrounded Sri Lanka has started taking steps to raise money. The government has announced that it will allow people working and living in Sri Lanka golden visa going to give sri lanka currently forex reserves lack of Due to which there has been a shortage of food in the country. The government is currently seeking help from the IMF from India and China. At the same time, the government is taking steps to increase the revenue. Golden Visa is one of the steps in this series. In which any foreigner can live or do business in Sri Lanka with a long term visa by depositing a certain amount.
What is Golden Visa?
The government has announced that the Golden Visa will be a long-term visa. Under the Golden Paradise Visa Program, any foreigner who deposits at least $1 million in his home country will be allowed to live and work in the country for 10 years. However, it is believed that the amount to be received from this step will be much less than the requirement. Because the country has to repay 7 7 billion debt this year. However, in the face of mounting debt, the government is looking for other ways to raise funds. Under the program, money must be deposited in a local bank for the duration of the visa. The government’s media minister said that this scheme can help the country deal with the biggest economic crisis since independence. The government has also announced a five-year visa for foreigners who want to spend ₹75,75,000 to buy a home in Sri Lanka. The government said that it is also working on several economic reforms that can bring the country out of the crisis.
The economic situation of Sri Lanka continues to deteriorate
The economic condition of Sri Lanka is deteriorating continuously due to the shortage of food across the country. Trading on the Colombo Stock Exchange came to a standstill thrice on Tuesday due to a sharp fall. The major index was down more than 9 per cent. On the other hand, the market was down about 13 per cent on Monday. The equity market has fallen 47 per cent since January. Sri Lanka’s foreign exchange has weakened 40 percent against the dollar in a month. Fuel prices have doubled since December. At the same time, on Tuesday itself, the price of LPG rose by 81 percent. On Monday alone, the prices of cement, soap and laundry powder rose by 17-100 per cent.