Sri Lanka's Economic Crisis Deepens, ACCA Offers Support
The economic crisis has had a devastating impact on the country's poor, who are struggling to access basic necessities like food and medicine, and the government's handling of the crisis has been criticized, with the opposition calling for the government to resign, amidst this ACCA is working to redefine the accountant's role and drive career success.
Sri Lanka's economic crisis has worsened, with foreign exchange reserves dwindling to $2.5 billion, a mere 30-day import cover, raising concerns about the country's ability to pay for essential imports, including food and medicine, amidst this ACCA Sri Lanka has announced its strategy for 2025/26 focusing on redefining the accountant's role.
The crisis has been triggered by a combination of factors, including a decline in tourism, a rise in oil prices, and a severe drought that has affected agricultural production. The government has implemented austerity measures, including a ban on non-essential imports and a reduction in fuel subsidies, but the opposition has accused it of being slow to respond and ineffective in implementing solutions.
The International Monetary Fund (IMF) has offered Sri Lanka a bailout package worth $1.5 billion, but the government has yet to accept it, citing concerns about the conditions attached to the bailout. Meanwhile, ACCA Sri Lanka has been working to support the country's economic development, with its Annual General Meeting (AGM) celebrating the association's achievements and appointing leadership for the 2025/26 term.
ACCA's strategy for 2025/26 focuses on four key outcomes: redefining the accountant's role, driving career success, strengthening professional impact, and building sustainable value. The association has also announced a redesign of its gold standard ACCA Qualification to reflect the increasing importance of accountants in driving business success, combining profitability with ethics, sustainability, and the ability to leverage new technology.
As Sri Lanka's economic crisis continues to deepen, the role of organizations like ACCA in supporting the country's economic development and providing professional skills and technical expertise to the next generation of accountants will be crucial in addressing the crisis and building a sustainable future.