Sri Lanka, April 26 -- The country has adequate foreign reserves exceeding US$ 7 billion to manage imports for the rest of the year bearing no pressure on the Balance of Payment (BoP), said a top official of the Treasury on Friday responding to an indication by a multi-national donor that Sri Lanka's worker remittances would decline sharply this year.

According to the World Bank (WB), global remittances are projected to decline by about 20 percent this year due to the economic crisis. The projected decline in recent history is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country. Remittances to low and middle-income...