President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policies, has notified the Cabinet that the Government revenue for the month of January 2023 is far below the monthly expenditure estimates, and instructed all relevant authorities to curtail Government expenditure.
He further noted that the General Treasury too, is finding it challenging to meet all current expenditures except those payments pertaining to salaries, pensions, welfare, pharmaceuticals and debt servicing, the President’s Media Division (PMD) reported.
Therefore, President Wickremesinghe pointed out that all Government expenditure will have to be curtailed until planned revenue to be raised on the recent tax revisions is realized.
He also stated that the General Treasury will formulate a priority criterion for this purpose, until when, the release of imprest will be curtailed.
