Rajapaksa looks to bring in laws, fast-track plans to attract forex

"If we fail to control our spending, there will be a foreign exchange problem in the near future," Rajapaksa said

Sri Lanka will introduce new laws to attract investments over the next three years while policies to develop exports, tourism and remittances will be fast-tracked in a bid to rebuild foreign exchange reserves, President Gotabaya Rajapaksa said on Tuesday. 

In a speech to parliament, Rajapaksa also said a debilitating shortage of forex was inevitable in the South Asian island nation unless expenditure was managed well.

“If we fail to control our spending, there will be a foreign exchange problem in the near future,” Rajapaksa added.

“There should be major development in the areas of foreign currency to develop exports, tourism, remittances, and information