Sri Lankan President Wickremesinghe will present the interim budget on Tuesday amidst the pauper, know how the country is going through
Sri Lanka’s President and Finance Minister Ranil Wickremesinghe will present the interim budget on Tuesday. This interim budget will come amid the government’s ongoing talks with the International Monetary Fund (IMF) for a possible relief package. The Communications Office of the Sri Lankan parliament said in a statement last week that lawmakers would debate the budget from Tuesday to Friday next week. After that it will be voted on.
According to the statement, in addition to the government expenditure of 2,796.4 billion Sri Lankan rupees originally approved for 2021 in the budget, 929.4 billion Sri Lankan rupees will be demanded. The budget also proposes to increase the borrowing limit of the government. Wickremesinghe had earlier said that it wants to provide relief through the interim budget to people facing daily power cuts and lack of basic necessities like fuel, food and medicines.
300 items have been banned
Sri Lanka has banned the import of 300 consumer goods with immediate effect. This includes consumer goods such as chocolates, perfumes and shampoos. The government there has banned the import of 300 such items. Sri Lanka is facing its worst economic crisis since its independence in 1948. Due to the foreign exchange crisis in the country, there has been a shortage of essential commodities.
Ban on food to machinery
In a special notification issued by the Ministry of Finance of Sri Lanka, a total of 300 products, including chocolates, perfumes, makeup and shampoos, have been banned. The notification said the restrictions on import of a wide range of consumer goods from food to machinery under the Import and Export Control Rules are in force with immediate effect.
Big announcement before IMF tour
Sri Lanka plans to reduce the budget deficit to 6.8 percent of GDP this fiscal. In 2022 this figure was estimated at 9.9 percent. He said that the Cabinet has approved a fiscal framework for the years 2023 to 2025. Gunawardene said that we have to bring the deficit down to five per cent of gross domestic product (GDP) to manage debt, reduce printing of currency and bring down inflation. The fiscal deficit target was announced ahead of the visit of the IMF delegation.
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