Tuesday, April 16, 2024

Latest Posts

President issues orders to further curtail government expenditure

By: Isuru Parakrama

Colombo (LNW): In a note to the Cabinet, President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilisation and National Policies, said the Government revenue at present (January 2023) is far below the monthly expenditure for the month of January 2023.

As a result, the President noted that the General Treasury finds it challenging to meet all expenditures at this moment, except for payments for salaries, pensions, welfare, pharmaceuticals and debt servicing.

Therefore, the President pointed out that the Government expenditure will have to be curtailed further/ postponed until planned revenue to be raised on the recent tax revisions is realised.

He noted that the General Treasury will formulate a priority criterion for this purpose. Until then, the release of imprest will be curtailed. Wickremesinghe added that public officers should refrain from obtaining goods/services on credit basis, and any officer who violates this will be held personally responsible for such expenditure.

Latest Posts


Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.