Wed, 29 Mar 2023

COLOMBO, Jan. 31 (Xinhua) -- Sri Lankan President Ranil Wickremesinghe instructed the cabinet of ministers to reduce government expenditure, the President's Media Division (PMD) said on Tuesday.

Wickremesinghe said the government revenue at present is below the monthly expenditure, according to the PMD.

The president said the General Treasury finds it challenging to meet all expenditures at this moment, except for payments for salaries, pensions, welfare, pharmaceuticals and debt servicing.

The government expenditure will have to be curtailed further until planned revenue can be raised on the back of the realization of the recent tax revisions.

The president also pointed out that public officers should refrain from obtaining goods and services on credit basis.

Meanwhile, Cabinet Spokesman Bandula Gunawardena on Tuesday said the government expenditure for the month of January is twice of its revenue.

In April 2022, Sri Lanka defaulted on its external debt. It is currently expecting a bailout package from the International Monetary Fund.

More Sri Lanka News

Access More

Sign up for Sri Lankan News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!