After three weeks at sea, Anton Fernando tallies his sales of tuna and other fish on a dock in Negombo, a fishing town in Sri Lanka, where the country’s financial crisis darkens already murky waters.
The math does not look good for Fernando and his crew of four among the dozen gently bobbing trawlers. Each takes home 40,000 Sri Lankan rupees ($130) from their gruelling expedition.
“This will not be enough to cover their household expenses,” Fernando, 44, told Reuters, holding up a notebook scribbled with numbers. “Even before we go home, we know this isn’t enough to cover electricity and water bills, tuition fees and food.”
The island nation of 22 million people off the southern tip of India is battling its worst financial crisis since independence in 1948, as COVID-19, mismanaged government finances and ill-timed tax cuts sap dwindling foreign reserves.
Last week the central bank said it was suspending repayment on some of its foreign debt pending a restructure.
Fishing makes up just 1.3% of the Southeast Asian nation’s economy, but it employs one-tenth of its people and helps feed far more. The island exports tuna, swordfish, crabs, lobsters and prawns to a dozen countries including the United States, Britain, China and Japan, accounting for 8% of its agricultural exports.
Sri Lanka’s fisheries and finance ministries did not immediately respond to emailed requests for comment on measures taken to help the fishing industry.
Some fishermen say they have cut back on food, others have stopped repaying loans. All of those who spoke to Reuters say they constantly scrounge for fuel for their boats and their homes.