☀️ Bright Spot #4
Sri Lanka’s Rating Lift | Vietnam’s Coffee Harvest | Singapore’s Home Cooks | Sri Lanka Postcard
Sri Lanka’s efforts to rebuild its economy after going bankrupt in 2022 are starting to bear fruit.
S&P upgraded the South Asian nation this week, saying that its economy has recovered steadily from the crisis. However, the rating agency cautioned that Sri Lanka’s debt burden remains high even after restructuring most of its external debt.
In other news, Vietnam’s bumper coffee crop may help to ease the global supply squeeze, while two army buddies in Singapore created a platform to discover home food ventures.
📈 Sri Lanka’s Rating Lift
S&P said its upgrade reflected Sri Lanka’s efforts to complete the restructuring of its remaining commercial debt, including flag carrier SriLankan Airlines’ bond.
☕ Vietnam’s Coffee Harvest
Vietnam is expected to harvest its biggest coffee crop in four years following good rainfall, which may help to alleviate tight supply and put downward pressure on global prices.
👩🍳 Singapore’s Home Cooks
A Singapore duo launched a web-based listing platform that works like a directory for home cafes and food businesses, selling everything from matcha lattes and acai bowls to home-made pasta.
🖼️ Sri Lanka Postcard
I travelled to Sri Lanka in March 2024, when the country was climbing out of bankruptcy. One of my guides said that his family couldn’t afford cooking gas when inflation jumped as high as 70% during the economic crisis in 2022.
Since then, Sri Lanka has been gradually getting back on its feet, partly by raising taxes and interest rates. Tourism also made a comeback, which helped locals to earn some income. Sri Lanka is a beautiful country with great food, but what I remember most are the hospitality and resilience of the people there.