How will the Budget Deficit be at the end of 2022?
Sujewa Mudalige PWC CEO says Sri Lanka must cut defense expenditure. The United Nations Human Rights Council has said that it is not possible to maintain the 2 lakh 47 thousand people in the Sri Lankan security forces.
The Geneva Human Rights Council has requested the Sri Lankan government to reduce the number immediately.
It also pointed out that the food cost of the army is 10 crore rupees when there is no facility to provide food to the people.
Amidst all this the government expenditure has drastically increased, whilst the revenue is exhibiting a significant drop.
The deficit which has been under control from 2015 to 2019 being met with the Easter Sunday Carnage, the Covid-19 Pandemic and the wrong policy decisions made by the administration contributed to its expansion as revealed by data.
The above remarks were made during a webinar on newly proposed taxation and alternate options to overcome the economic crisis befallen the country.