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Sri Lanka is experiencing a notable decline in both departures for foreign employment and passport issuances, with consecutive decreases over several months. For instance, departures for foreign employment in August 2022 were 26,394, down from 29,186 the previous year, while September 2022 saw a decrease from 30,104 to 25,311. This trend continued into December 2023, with departures marginally dropping to 23,259. Similarly, passport issuances peaked in August 2022 at 115,403 but declined to 87,433 by August 2023. In December 2023, only 53,431 passports were issued compared to 69,920 in 2022.
These declines coincide with tightened regulations on workers departing on tourist visas and economic challenges, including currency depreciation and inflationary pressures. Sri Lanka's macroeconomic policies, aimed at stimulating growth through monetary expansion, led to currency crises post-civil war, prompting many to seek employment abroad, particularly in countries with stable monetary regimes like those in the Middle East. Efforts by the central bank to stabilize the currency and control inflation have resulted in a revaluation of the rupee, lowering prices for essential goods and increasing real wages. However, critics argue that Sri Lanka's reliance on inflationary policies and the absence of a sound monetary regime have hindered economic growth. The promotion of various narratives to deflect blame from underlying issues, such as budget and current account deficits, complicates efforts to establish a sustainable economic framework.
