https://www.aljazeera.com/news/2022/4/26/crisis-hit-sri-lanka-to-sell-long-term-golden-visas-report
The island nation of Sri Lanka is facing its worst economic crisis since its independence, according to the government in Colombo. Due to the stagnation from the pandemic in 2020, on a country that heavily relies on tourism as a primary driver of revenue and money flow within the country, has seen their currency drop to a point of about 1700 Sri Lankan Rupees amounting to only about 5 USD as of this morning. To handle the crisis, the Sri Lankan government is trying to incentivize foreign investors and expats to buy property in the country, and to spend money their, offering 5-year and 10-year visas to those willing to move there. While it is quite obvious how desperate and bleak the situation for them is, countries of the caliber of Sri Lanka face similar situations and eventually bounce back and level off nearly all of the time, even Zimbabwe. I would predict that the International Monetary Fund will bail out Colombo to avoid a chain reaction of effects. It is very wise however, the offer of visas based on people moving there to stimulate cash flow, particularly based on their proximity to India, a country that is extremely geared towards entrepenuership, venture capitalism, and startup businesses. Especially with such a large population and business elites, I think it will become evident very soon many neighbors will jump on this time sensitive opportunity. To relate this back to international relations, however this time with a economic tinge, one can see this all as signs to the greater notion of economic interdependence somewhat foreseen by notable economists such as Adam Smith in ¨Wealth of Nations.¨ For one, Sri Lanka can not recover their own economy isolated from the rest of the world, nor can they self-sustain, rather, they require foreign money to boost their own and foreign nationals participating in their economic competition. Nationals from around the world, nextly, such as from India or African states also will go beyond their own borders to the borders of other countries for economic success and prosperity, unintentionally helping Colombo. And finally, showing the heavy global economic interdependence, not only is it individuals taking part from around the world, however the economic institutions and vanguards globally all have vested interest in what happens, made evident with the International Monetary Fund seeing into a bailout.