Highly respected eminent economist and former Central Bank Governor Dr. Indrajit Coomaraswamy has said the economic recovery will require painful treatment whilst expressing hopes that President Ranil Wickremesinghe would take all the tough decisions to avoid the disastrous situation.
The stage is set to present the interim budget 2022 of the present administration headed by President Ranil Wickremasinghe in parliament next month as the initial step of resetting the governing system, Finance Ministry sources confirmed.
The hard-hit Sri Lanka tourism sector’s ‘Revival for Survival’ plan is now enforced to support the industry through the ongoing economic crisis and move towards a positive work trajectory at the earliest.
Sri Lankans, whose real incomes are getting hammered on a daily basis from soaring inflation, have turned to getting credit cards from Banks even its interest rates have jumped to 40 percent .
The government expenditure surpassed Government revenue by 83.0 percent resulting in a budget deficit of Rs. 524.1 billion which is 0.7 percent higher than the Rs.520.5 billion budget deficit in the same period of 2021
