Loan efforts from the IMF

Sri Lanka has frozen new government hires in a bid to cut government spending, while efforts to secure a loan from the International Monetary Fund (IMF) have also seen new taxes and hikes in electricity prices. Foreign News Agency According to ‘AFP’, due to the deteriorating economic situation, April last year…

On the other hand, the IMF has urged the bankrupt country to reduce the government expenses by reducing the expenses of the government institutions by 15 lakhs, increasing the taxes and selling the loss-making government institutions.

It should be noted that after Sri Lankan President Ranil Wickremesinghe reduced the age limit from 65 years to 60 years, 2 thousand government employees retired from their jobs in December.

According to the report, in an effort to increase government revenue, the government has doubled personal income and corporate taxes at the beginning of the new year, while electricity rates have increased by 65 percent after a 75 percent tariff increase in August.

The country’s president said that despite the restoration of fuel, food and fertilizer supply, the crisis has not ended yet.

He told his employees on the first day of work at the beginning of the new year that our problems are not solved yet and if we want to move forward, we have to reduce the debt burden.

However, China and India, the main lenders to Sri Lanka, will announce an agreement on their loans.

According to the report, in view of the new measures, the Ministry of Finance has also banned the unnecessary expenditure of the capital.

A finance ministry official said that any officials who allow investment of more than Rs 50 crore without clearance from the ministry will be held personally accountable.

It should be noted that six months ago, when Sri Lanka went bankrupt, there were queues of people at the fuel stations to pour petrol into the vehicles, while long load shedding of 13 hours was also done in the country. had gone