In a note to the Cabinet, President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policies, stated that the Government revenue at present (January 2023) is far below the monthly expenditure for the month of January 2023.
As a result, the President noted that the General Treasury finds it challenging to meet all expenditures at this moment, except for payments for salaries, pensions, welfare, pharmaceuticals and debt servicing.
Therefore, President Wickremesinghe pointed out that the Government expenditure will have to be curtailed further / postponed until planned revenue to be raised on the recent tax revisions is realized.
He noted that the General Treasury will formulate a priority criterion for this purpose. Until then, the release of imprest will be curtailed. Furthermore, the President pointed out that public officers should refrain from obtaining goods/services on credit basis, and any officer who violates this will be held personally responsible for such expenditure. – PMD