“The Ministry is now in the process of drafting a Cabinet paper in this regard. Hopefully, it will be submitted for approval in the next two months,” he told journalists.

Minister Fernando pointed out that the lack of a robust data collection system is a significant concern.

“At present, data on arrivals and earnings relies heavily on information gathered by the Immigration and Emigration Department.

The reported numbers are likely lower than the actual earnings last year,” the Minister said, citing an example of the industry’s 2023 earnings, which he believes surpass the reported $ 2.08 billion, possibly reaching over $ 4.5 billion.

He explained that the absence of accounting for various spending methods, such as credit card transactions and cash carried by tourists, contributes to the data inaccuracy