https://sputniknews.in/20230113/sri-lanka-to-downsize-army-by-third-to-cut-costs-492300.html
Sri Lanka to Downsize Army by Third to Cut Costs
Sri Lanka to Downsize Army by Third to Cut Costs
Sputnik India
Debt-ridden Sri Lanka is expected to reduce its military size by 135,000 by 2024 and to 100,000 by 2030, the country's defense minister Premitha Bandara Thennakoon told Reuters said in a statement.
2023-01-13T17:18+0530
2023-01-13T17:18+0530
2023-01-13T17:18+0530
political affairs
sri lanka
https://cdn1.img.sputniknews.in/img/07e7/01/0d/493155_0:160:3073:1888_1920x0_80_0_0_8a900498697b56f6bea06db483ef489e.jpg
Debt-ridden Sri Lanka is expected to slash its military to 135,000 by 2024 and to 100,000 by 2030, the country's Ministry of Defense announced on Friday.The current approved strength stands at 200,783.In November, while presenting the budget for 2023, President Ranil Wickremesinghe's government allocated $1.108 billion for the Ministry of Defense. However, the latest move suggests that the Sri Lankan leadership has instructed to slash 5% from all proposals submitted by the ministries allocated in the 2023 Budget.The island nation is currently seeking to conclude agreements with commercial and bilateral creditors to meet the conditions for the $2.9 billion IMF bailout package.
sri lanka
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2023
Deexa Khanduri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/138923_52:0:533:481_100x100_80_0_0_cadf23d341691fc65ff2b22fd1afe584.jpg
Deexa Khanduri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/138923_52:0:533:481_100x100_80_0_0_cadf23d341691fc65ff2b22fd1afe584.jpg
News
en_IN
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Deexa Khanduri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/138923_52:0:533:481_100x100_80_0_0_cadf23d341691fc65ff2b22fd1afe584.jpg
debt-ridden sri lanka, defense minister premitha bandara thennakoon, sri laka economic crisis
debt-ridden sri lanka, defense minister premitha bandara thennakoon, sri laka economic crisis
Sri Lanka to Downsize Army by Third to Cut Costs
Deexa Khanduri
Sputnik correspondent
The move to slash the size of the military is an obvious attempt to help the country deal with its worst economic crisis in more than seven decades.
Debt-ridden Sri Lanka is expected to slash its military to 135,000 by 2024 and to 100,000 by 2030, the country's Ministry of Defense announced on Friday.
The current approved strength stands at 200,783.
"Military spending is basically state-borne expenditure which indirectly stimulates and opens avenues for economic growth by way of assuring national and human security," Defense Minister Premitha Bandara Thennakoon said.
In November, while presenting the budget for 2023, President Ranil Wickremesinghe's government allocated $1.108 billion for the Ministry of Defense. However, the latest move suggests that the Sri Lankan leadership has instructed to slash 5% from all proposals submitted by the ministries allocated in the 2023 Budget.
The island nation is currently seeking to conclude agreements with commercial and bilateral creditors to meet the conditions for the $2.9 billion IMF bailout package.
Earlier, the IMF reportedly asked Sri Lanka to cut down on its 1.5 million government jobs.
