COLOMBO : Finance Minister Ali Sabry said here in parliament on Wednesday, May 4 that Sri Lanka’s foreign liquidity reserves, of USD 7 billion in 2019, have dropped to a critically low level below USD 50 million.
He made these remarks delivering a special statement in parliament on Wednesday (May 05).
According to the lawmaker, the government’s tax revenues have decreased to 8.7% at present.
Stating that Sri Lanka should have sought the assistance of the International Monetary Fund much earlier, the finance minister said it would take at least a total of six months for Sri Lanka to enter a program with the IMF.
As the Budget 2022 is no longer realistic, Minister Sabry said the government hopes to present a new budget proposal in the parliament soon, through which the income taxes are expected to be increased, he added.
