COLOMBO: Sri Lanka's president is set to slash expenditure when he presents an interim budget on Tuesday (Aug 30) to see the crisis-ridden country through the rest of the year, amid discussions with th
The tourism-dependent nation of 22 million is facing its worst economic crisis since independence in 1948, with foreign exchange reserves crashing, public finances in a mess and the costs of basic goods rocketing.
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. He said that expenditure would be slashed by a"few hundred billion" rupees, including on defence, to channel funds for welfare and to repay interest on loans. Sri Lanka aimed for 3.9 trillion rupees expenditure in its last budget, presented in November.
Wickremesinghe, who is also the finance minister, is expected to outline measures to support low income communities worst hit by the financial crisis and announce fresh taxes to shrink a double digit deficit. 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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