January expenditure exceeds income twofold | Sunday Observer

January expenditure exceeds income twofold

5 February, 2023

President Ranil Wickremesinghe who is also the Minister of Finance, Economic Stabilisation and National Policy has told the Cabinet that the State’s expenditure should be further limited as spending had been more than double its income last month.

The President said that it is difficult for the Treasury to bear the expenses apart from Government employee salaries, pensions, welfare, medicines and debt payments.

Although Government revenue was Rs.158.7 billion last month, it incurred Rs. 367.8 billion in expenditure.

The President said that Government spending will have to be cut or delayed until the income planned to be generated through the tax amendments is received and added that the release of money by the Treasury will be restricted depending on its priority.

President Wickremesinghe said that obtaining goods and services on the basis of credit for Government institutions should be avoided, and any official who violates this should be held personally responsible for such expenses.