Sri Lanka unveils new 'golden' visa policy to combat economic crisis

As Sri Lanka battles its worst economic crisis, the government said it will allow foreignerswho deposit $100,000 to live and work in the country for ten years.

The new work policy comes under the "Golden Paradise Visa Programme". Lankan minister Nalaka Godahewa said the money will help Sri Lanka combat itsworst financial crisis since independence.

The government said it has also approved five-year visas for foreigners who spend $75,000 to buy an apartment in the country.

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Sri Lanka has been hit by fuel and food shortages amid high inflation as the country recently announced it would be defaulting on foreign debts.

The Rajapaksa government had earlier imposed a state of emergency after people tried to storm the president's house protesting against price rise.

Watch:Inflation hits record levels in Sri Lanka

Sri Lanka's economy began falling amid the coronavirus pandemic two years ago as revenues fell due to fall in tourism and foreign remittances.

The government has asked the International Monetary Fund(IMF) for a bailout with pressure on the government to restructure its debt.

On Monday, the Sri Lankan stock exchange crashed nearly 13 per cent as the country experienceseconomic downturn.

(With inputs from Agencies)

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