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Sri Lanka amidst battling a severe economic crisis is about to reduce its military by 50 percent. Read to know all about the steps the government is taking to overhaul its situation.
Sri Lank to slash military by half
On Friday, Sri Lanka’s defense ministry revealed it will be slashing its military by half to overhaul the financial situation in the country. In recent months, the nation has been facing food and fuel shortages, making the lives of over 22 million miserable. Taxes have risen significantly and President Ranil Wickremesinghe has introduced spending cuts. The move is expected to clear the way for a bailout by the International Monetary Fund (IMF).
The Sri Lankan armed forces will soon face a drastic cut as the ministry declared the retirement of 65,000 soldiers in a year. By the end of the decade, the government is planning to downsize the 200,000-strong army to 100,000. “The overall aim of the strategic blueprint is to broach a technically and tactically sound and well-balanced defense force,” state the ministry.
More on the economic crisis and situation
The Sri Lankan armed forces remained bloated a decade after the traumatic civil war. Last year, the defense made up about 10 percent of public spending. As per expert opinion, half of the government’s salary bill was dedicated to paying security force personnel. This week the government revealed it did not have revenue for clearing salaries and pensions of public employees despite the drastic tax rise. In 2022, the economy declines by 8.7 percent. Moreover, people suffered from constant blackouts, long queues for food and fuel, inflation, and empty shelves.
