World

Sri Lanka to cut army by half after financial crisis

Bankrupt nation still reeling from essential item shortages affecting 22 million people last year

Updated 3 years ago · Published on 13 Jan 2023 11:59PM

Sri Lanka to cut army by half after financial crisis
The Defence Ministry of Sri Lanka has said that the government will be cutting down its military as it works to recover from bankruptcy due to an economic crisis last year. – AFP pic, January 13, 2023

COLOMBO – Bankrupt Sri Lanka will drastically slash its military, the Defence Ministry said today, as the government works to overhaul its shambolic finances after an unprecedented economic crisis.

The island nation is still reeling from months of food and fuel shortages that made daily life a misery for its 22 million people last year.

President Ranil Wickremesinghe has hiked taxes and imposed harsh spending cuts to smooth the passage of an expected International Monetary Fund bailout following a government debt default.

Sri Lanka’s armed forces are next on the chopping block, with the defence ministry announcing it would retire 65,000 soldiers from its 200,000-strong army over the year.

The cuts make up the lion’s share of plans to downsize Sri Lanka’s land forces to 100,000 by the end of the decade.

“The overall aim of the strategic blueprint is to broach a technically and tactically sound and well-balanced defence force,” a ministry statement said.

Sri Lanka’s armed forces remain bloated more than a decade after the end of the country’s traumatic ethnic civil war.

Nearly 400,000 people served in the military at its peak strength in 2009, the year government forces crushed the Tamil Tigers separatist movement during a no-holds-barred offensive that saw thousands of civilian casualties.

Defence accounted for nearly 10% of public spending last year, and according to expert analysts, pay for security force personnel makes up half the government’s salary bill.

Sri Lanka warned this week it had barely enough revenue to pay public employees and pensions despite huge tax hikes at the start of the year.

The economy shrank an estimated 8.7% last year as the public endured lengthy blackouts, long queues for petrol, empty supermarket shelves and runaway inflation.

The crisis peaked in July when protesters angered by the crisis stormed the official residence of then-president Gotabaya Rajapaksa, who briefly fled the country and tendered his resignation from abroad. – AFP, January 13, 2023

Related News

Malaysia / 2d

PRN Johor: BN dominates military vote, secures landslide in Mahkota (unofficial)

Malaysia / 1mth

‘Get your facts right’ – says CM over claims that Penang is going bankrupt

Malaysia / 2mth

Bangladeshi killed by drunk military personnel was here for holiday with his wife

Malaysia / 2mth

Drunk military personnel crashes into e-hailing vehicle, foreign passenger dies

Malaysia / 7mth

18 individuals go bankrupt in Malaysia daily; Surge in cases involving those under 30

Malaysia / 1y

High Court declares fashion designer Jovian bankrupt after loan dispute

Spotlight

Malaysia

“I will meet him. He is also my friend,” Zahid says on Nga’s resignation remarks

Malaysia

King accords Singapore President full state welcome at Istana Negara

Malaysia

Sports YouTuber seriously injured in suspected assault at PJ petrol station (video)

Malaysia

PRN Johor: Take accountability, not blame others – former MP tells PH

Malaysia

Zara Qairina showed no evidence of persistent suicidal intent, psychologist tells court

Malaysia

DAP retains eight incumbents, unveils three new candidates for NS polls

Malaysia

Syed Saddiq: Court decision a strong endorsement of judicial independence

Sports & Fitness

France vs Spain World Cup 2026 semi-final set to be billion-dollar showdown

You may be interested

World

Strong 6.3-magnitude earthquake strikes southeast of Loyalty Islands

World

Air strikes continue, tankers come under fire as US-Iran conflict escalates in Hormuz Strait

World

Beijing warns against ‘stirring up trouble’ over 2016 arbitration ruling

World

Deadly Bangkok pub fire claims 27 lives, dozens critically injured (videos)

World

US-Iran conflict escalates as missile strikes spread across the Gulf to a closed Hormuz Strait

World

Netanyahu faces four key challengers as Israel sets general election for Oct 27