Sri Lanka Economic Crisis: Salaries and pensions have been reduced

Sri Lanka Economic Crisis: Salaries and pensions have been reduced

Colombo: In the recently bankrupt country of Sri Lanka, government employees are facing difficulties in paying salaries and pensions, after which the new president announced a 5% cut in government spending.

According to the World News Agency, Sri Lankan President Ranil Wickramasinghe has said that the country’s treasury is rapidly emptying, despite the huge increase in taxes, it is facing difficulties to pay salaries and pensions.

On which the President of Sri Lanka announced rapid cuts in government spending and said that they are negotiating a bailout package with the International Monetary Fund, but it may take more time.
President Ranil Wickremesinghe’s administration warned that financial assistance to 1.8 million families below the poverty line could also be delayed this month. The economic crisis this year is going to be worse than our expectations.

It should be remembered that due to the severe shortage of dollars in the country, Sri Lanka had defaulted due to non-payment of debts and there were no dollars to buy petrol including medicines in the country, which led to violent riots throughout the country.

After which the Prime Minister of that time had to flee the country and in July last year Ranil Wickramasinghe took over the reins of the government.

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