'Govt has lost Rs. 1600 billion due to COVID this year' - Finance Minister

Finance Minister Basil Rajapaksa stated that the government has lost Rs. 1600 billion due to the COVID pandemic which has spread all over the world this year.

Commenting on the Import-Export Control Act in Parliament today, he stated that indirect tax revenue had fallen by 70 percent due to the COVID-19 pandemic.

He also stated that the earnings of the Inland Revenue Department, the country's main source of income, and the Sri Lanka Customs and Excise Department have fallen sharply due to the lockdown imposed in the country.

Speaking further Finance Minister Basil Rajapaksa stated that the widening government revenue and expenditure gap has also had a severe effect on this issue.

However, the government is currently in discussions with the International Monetary Fund and the Asian Development Bank to find a solution to the economic crisis, he said.