Sri Lanka to reduce government spending

By Agence France-Presse

Jan 11, 2023 12:19 am

COLOMBO: Bankrupt Sri Lanka on Tuesday announced sharp government spending cuts and warned it had barely enough revenue to pay public salaries and pensions despite huge tax hikes.

The island nation has defaulted on its $46-billion public debt and is negotiating an International Monetary Fund (IMF) bailout after an unprecedented economic crisis last year brought widespread misery.

Sri Lanka’s President Ranil Wickremesinghe addresses the staff of the presidential secretariat in the capital Colombo on Jan. 2, 2023. SRI LANKA PRESIDENT’S OFFICE PHOTO VIA AFP

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