The present administration has taken every possible step to resurrect the collapsed economy amidst social unrest and unprecedented challenges to bring back the day to day activities to normalcy easing fuel and food crisis to a certain extent , official source said.
In a fresh fiscal policy stance of austerity measures, the Finance Ministry has cut down non-essential capital expenditure in ministries, departments and state institutions in a bid to save money during this economic crisis, a Ministry circular revealed.
Sri Lanka’s State Owned Enterprises (SOEs) are encountering significant operational and financial challenges for its survival in unprecedented political turmoil amidst the weakest state of the economy at present, recent report of the Finance Ministry revealed.
Tea factory owners fear total closure owing to the worsening fuel crisis and other shocks putting much needed foreign exchange earnings at risk amidst lowering of tea production after 23 years.
India has surpassed China to become the top lender to Sri Lanka, as the former came to the rescue when Sri Lanka started experiencing some acute shortage of foreign currency from the beginning of the year which reached a breaking point in March causing a complete collapse of the country’s economy.
