Sri Lanka's treasury running out of funds: Cabinet spokesman


Colombo, Jan 10 (IANS): Sri Lanka's treasury is running out of funds as the island nation's worst-ever economic crisis since its independence in 1948 continues, Cabinet spokesman Bandula Gunawardena said on Tuesday.

Gunawardena told reporters that funds collected through taxes have seen a decline, reports Xinhua news agency.

As a result, the treasury is running short of funds to make payments, he said.

The spokesman said the economic crisis that hit the country in 2022 has affected the income of the treasury.

"The expected income by way of taxes during the first three months of 2023 is low. However, we need to pay public sector salaries. Payments are made by the treasury and not by our personal funds," he said

He noted the President has informed all the ministries to slash their budget allocations for 2023 by at least 5 per cent.

Gunawardena said further steps to cut expenses will be taken to reduce the impact caused by the economic crisis.

The cabinet spokesman said the treasury gets funds from public taxes.

The country used to print money and obtain loans, but now it is unable to do that as no one is giving loans and they cannot print money, he added.

Sri Lanka defaulted on its repayments of loans last year and is now seeking approval from the International Monetary Fund for a bailout package to help the country recover from the crisis.

 

 

  

Top Stories

Comment on this article

  • Daniel, Mangalore

    Tue, Jan 10 2023

    All globalist elite looted SriLanka with economy not sustaining new green deals in the name of so called climate change which with HAARP weather modifying machines they manipulate weather to make billions in green deals after making all these years billions in fossil fuels. This is for their new world order through global reset of nations economies, so called covid also same purpose, for lockdowns and ruin of economy of nations and for controllable digital currencies, what one can buy or what not, where one can travel with internet controllable electric vehicles in the near future. Bring chaos and normalise as they want, mainly enslave humanity!

    DisAgree [1] Agree [1] Reply Report Abuse


Leave a Comment

Title: Sri Lanka's treasury running out of funds: Cabinet spokesman



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.