Sri Lanka has 1,620 kilometres of coastline and exclusive rights to fish, drill and conduct other economic activities in a 517,000-square-kilometre exclusive economic zone in the Indian Ocean. However, this does not mean that there are limitless fish resources waiting to be harvested. In fact, an important portion of the fisheries harvested by more than 50,000 Sri Lankan fishing vessels are already overfished and require rebuilding. Catches are declining; so, increasing the boat and gear capacity would only lead to more degradation.
Improved management offers opportunities for increasing revenues from capture fisheries and create skilled jobs, while complying with the Indian Ocean Tuna Commission yellowfin tuna rebuilding plan, which calls for reduced catch. “This approach is also in line with the World Bank’s green, resilient, and inclusive development framework for recovery from the ill effects of the COVID-19 pandemic,” says World Bank Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos.
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