Post the Sri Lankan sovereign debt default in April/May of 2022, the currency collapsed by over 50% in value, food inflation topped 80% and foreign currency shortages led to food, fertilizer and fuel shortages. This drove the nation’s poverty rate from 8% to 25% as per the World Bank.
During this period, Ceylon Exports & Trading, which was blessed with a more stable export business, played an active role in engaging with the problems of the community. The company partook in several community kitchens in partnership with Feeding Ceylon and LOLC. Our company provided coconut oil, coconut sugar and in-hand support to Feeding Ceylon which held over 7 food drives in impoverished neighborhoods. We managed to reach over 1000 households over the initial 6 months of the crisis.
Since then, Sri Lanka has recovered significantly. Inflation is down to single digits, fuel and power are now available and the IMF has extended a helping hand. Although the nation is still not out of the woods, with debt restructuring and a post-crisis economic growth initiative is currently being implemented, we are cautiously optimistic of the future prospects of Sri Lanka and its people.