Tag: Sri Lanka Economic Crisis

[ad_1] Wickremesinghe said that expenditure would be slashed by a "few hundred billion" rupees. (File)Colombo: Sri Lanka's president is set to slash expenditure when he presents an interim budget on Tuesday to see the crisis-ridden country through the rest of the year, amid discussions with the International Monetary Fund on a bailout package.The tourism-dependent nation of 22 million is facing its worst economic crisis since independence in 1948, with foreign exchange reserves crashing, public finances in a mess and the costs of basic goods rocketing.Having become president after his predecessor was ousted in a popular uprising in July, Ranil Wickremesinghe told Reuters earlier this month that the interim budget would focus on fiscal consolidation measures agreed with the IMF.He said th...