1 year, 11 months ago
Bankrupt Sri Lanka Says Treasury Running Dry, Cuts Spending
News 18Bankrupt Sri Lanka announced on Tuesday 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 bailout after an unprecedented economic crisis last year brought widespread misery. President Ranil Wickremesinghe ordered a five percent reduction in state spending this week and his administration warned Tuesday that welfare payments for 1.8 million families below the poverty line could be delayed this month. Sri Lanka’s 22 million people endured months of food and fuel shortages, chronic blackouts and runaway inflation last year, inflaming public anger.
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History of this topic
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