The aim is to channel funds for welfare and to repay interest on loans. Read more at straitstimes.com.
COLOMBO - Sri Lanka's president is set to slash expenditure when he presents an interim budget on Tuesday to see the crisis-ridden country through the rest of the year, amid discussions with the International Monetary Fund on a bailout package.
Having become president after his predecessor was ousted in a popular uprising in July, Ranil Wickremesinghe told Reuters earlier this month that the interim budget would focus on fiscal consolidation measures agreed with the IMF. A full-year budget for 2023 is likely to be presented in November, where a broader recovery plan will be outlined.
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