COLOMBO - Sri Lanka's new Prime Minister Ranil Wickremesinghe said on Tuesday he will present an interim budget within six weeks, slashing down on infrastructure projects and re-routing funds into a two-year relief programme for the crisis-hit island nation.
"With the interim budget, it is just about cutting down expenditure, cutting to the bone where possible and transferring it to welfare," Wickremesinghe, who took office two weeks ago, said in an interview. which is being battered by its worst economic crisis since independence, could rise above and annual 40 per cent as the government rolls back fuel subsidies and prints more money to keep the economy afloat, he said.Wickremesinghe added the country would appoint a new finance minister on Wednesday, who will lead negotiations with the International Monetary Fund for a loan package.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sri Lanka increases fuel prices to address economic crisisCOLOMBO — Sri Lanka increased fuel prices on Tuesday (May 24), a long-flagged move to mend public finances and combat its debilitating economic crisis, but the hikes are bound to add to galloping inflation at least in the short term.
Source: TODAYonline - 🏆 1. / 99 Read more »
Sri Lanka arrests 67 suspected to be heading to AustraliaCOLOMBO: Sri Lanka’s navy said on Tuesday (May 24) that it has arrested 67 people who it believes were trying to travel by sea to Australia illegally. The navy said in a statement that 12 men were arrested first near the port town of Trincomalee, 260km northeast of the capital Colombo on Monday and,
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Sri Lanka increases fuel prices as it seeks to rein in crisis
Source: STForeignDesk - 🏆 4. / 71 Read more »
Exclusive-Sri Lanka picks Lazard, Clifford Chance as advisers for overseas debt restructuring - sourcesCOLOMBO/LONDON : Sri Lanka hired Lazard and Clifford Chance as financial and legal advisers respectively to represent the government in talks with international creditors, three sources familiar with the situation said on Monday.The sources asked not to be named because talks are private.A spokesma
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Inflation in crisis-hit Sri Lanka hits new record
Source: STForeignDesk - 🏆 4. / 71 Read more »
Sri Lankan medicine shortage a death sentence for some, doctors sayCOLOMBO — A shortage of medicine caused by an economic crisis in Sri Lanka could soon cause deaths, doctors said, as hospitals are forced to postpone life-saving procedures for their patients because they do not have the necessary drugs.
Source: TODAYonline - 🏆 1. / 99 Read more »