New circular to be issued to reduce government spending

Wednesday, 13 April 2022 - 11:36


Secretary to the Ministry of Finance Mahinda Siriwardena stated that a new circular will be issued to government ministries to reduce expenditure.

He said the budget deficit had risen sharply due to high government spending and low revenue.

Therefore, the Secretary to the Ministry of Finance stated that various measures will have to be taken to increase revenue.

The Governor of the Central Bank announced yesterday that the repayment of foreign loans will also be suspended and that it will be implemented for an economic program supported by the International Monetary Fund.