India’s neighbor Sri Lanka experienced an unprecedented economic crisis last year. In Sri Lanka, which relies heavily on tourism revenue, the impact of the corona pandemic has brought the economy to a complete standstill.
With prices of essential commodities skyrocketing, people took to the streets to protest. At one point Gotabaya Rajapaksa and Mahinda Rajapaksa resigned as President and Prime Minister respectively and left the country, unable to cope with the people’s protest. Ranil Wickramasinghe took over as the new president.
In this situation, the Sri Lankan government is taking continuous measures to restore the economy and reduce the debt. In its major move, Sri Lanka has decided to reduce its military strength by half. 10 percent of Sri Lanka’s budget expenditure goes to the military. The Sri Lankan government, which has multiplied its military strength to suppress the LTTE movement, employed 4 lakh soldiers during the height of the war in 2009.
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In this case, while the current military strength in Sri Lanka is 2 lakh, it plans to reduce this number to 1 lakh 35 thousand next year. The country’s government has decided to halve the number of 2 lakh to 1 lakh by 2030. The Sri Lankan government has taken this decision last week after expressing concern that it is unable to pay salaries and pensions to government employees.
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