The Sri Lankan Government is confident that the annoying inward remittances trend would enable the Government to achieve its target of building $ 9 billion in foreign reserves by the end of 2026, Finance and Planning Deputy Minister Prof Anil Jayantha Fernando said in Parliament yesterday (20).

Sri Lankan expatriates have sent more than $ 5 billion in remittances during the first seven months of 2026, Fernando said. Accordingly, the Government is looking to diversify sources of foreign exchange and attract more foreign direct investments (FDIs) as Sri Lanka prepares to meet significant external debt obligations in 2028.

Responding to a question from Parliamentarian Ravi Karunanayake on the Government’s strategy to attract FDIs and meet its economic targets, Deputy Minister Fernando said the Government is focusing on increasing net foreign currency inflows through investment, exports, remittances, and other sources.

MP Karunanayake raised concerns over Sri Lanka’s future foreign financing requirements, noting that the country will have to meet around $ 3.9 billion in foreign debt repayments in April 2028.

Deputy Minister Fernando said that the Government is examining sectors beyond traditional foreign-exchange earners, pointing out that although industries such as apparel remain important, value addition in some sectors remains relatively low.

He further added that the Government is therefore pursuing a strategy to diversify investment and foreign earnings, while identifying new areas capable of generating higher returns.

The Deputy Minister also highlighted the importance of Sri Lankan workers in overseas labour markets, saying the Government is taking a strategic approach to placing workers in markets where they can generate higher foreign exchange earnings.

Deputy Minister Fernando said the Government would continue to pay close attention to developments in the international labour market and adopt measures suited to Sri Lanka’s circumstances.