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.