The Sri Lankan government has made bold economic reforms as it tries to fulfill the terms of the IMF for extending assistance to the trouble-torn nation. The government has embarked upon a three-pronged strategy of stabilization, recovery and growth, reports Priti Prakash
What’s the relation between a casino and a nation’s economy? Well, it mirrors the nation’s economic health too! Surprised?!
As I entered the Bally’s casino, Sri Lanka’s largest and most luxurious one located in the heart of Colombo, it had a story to tell. Out of 100 gaming tables it has, almost half had people betting. It’s the place where money pours in anything from 5 to 9 digits, both won and lost, at the blink of an eye. The casino caters all luxury hotels in close proximity and takes care of its visitors by offering a free pick and drop in Mercs & BMWs. It also offers complimentary coupons to high-end travellers entering SL. Bollywood stars are a common sight, not for gaming but as celebrity entertainers, and mind you they don’t come cheap. Interestingly after the economic crisis in 2022, Bally’s Casino owner was tasked with turning the nation’s flailing economy around in his own unique way.
The signs of resurgence are showing. With India extending a lifeline with a $4 billion credit line and a nudge to the IMF, the country managed a loan of $US 2.9 billion and ADB $350 million. Now, the island country seems confident of its resilience. TukTuks are back on the street though with much higher fares as compared to pre-2021 period. Fuel is costly as the government has increased taxes. Malls have opened albeit with much less crowd compared to last time I visited the island country in 2018 when the famous House of Fashion was choc o bloc with people on a weekend. Tourism has started picking up, hotel occupancy is catching up too (remember Sri Lanka is an all-year-round tourist destination), Travel industry wants to make the most of every single traveller. The government says inflation is under control; fuel, food and medicines are easily available. The construction industry is what the government is pinning its hopes on as it waits for it to start booming again, which will spur growth.
As I go into an Ayurveda products selling shop, I find its walls are stacked with oils, spices and herbal medicines but buyers are just trickling in, mostly tourists. Ayurveda is one of SL’s main exports along with tea and textiles.
