Sri Lanka budget to seek recovery for crisis-hit economy

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Sri Lanka flagCOLOMBO, Nov 14 ,2022: Sri Lanka unveils a budget on Monday attempting to put the South Asian government’s finances in order, with reforms to advance a $2.9 global billion bailout from the island’s worst financial crisis since independence in 1948.

President Ranil Wickremesinghe’s first full-year budget to parliament will include measures aimed at helping Sri Lanka restructure its debt, increase revenues and trim spending as it works on the bailout with the International Monetary Fund, analysts say.
“This is a budget that is being presented at a time Sri Lanka is facing an unprecedented crisis,” said State Minister for Finance Ranjith Siyambalapitiya.
“More than 70% of families are asking the government for support and the economy is estimated to shrink 8.3% this year,” he said in a statement. “This budget will present a political and economic way forward for the country.”

The World Bank estimates Sri Lanka’s economy will contract by 9.2% this year and 4.2% in 2023.



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