According to the World News Agency, Sri Lankan President Ranil Wickremesinghe said that the country's treasury is rapidly depleting, despite a large increase in taxes, it is struggling to pay salaries and pensions.
Sri Lanka's president then announced rapid cuts in government spending and said he was negotiating a bailout with the International Monetary Fund, but that could take longer.
President Ranil Wickremesinghe's government warned that financial aid to 1.8 million families living below the poverty line could be delayed again this month. This year the economic crisis will be worse than expected.
It should be remembered that due to the severe shortage of dollars in the country, Sri Lanka failed to pay its debts and had no dollars to buy gasoline including medicine in the country, which is why violent riots broke out throughout the country.
After that, the Prime Minister at the time had to leave the country and Ranil Wickramasinghe took over the government in July last year.
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