President Droupadi Murmu addressed the joint sitting of Parliament, with the commencement of the Budget Session 2023. She urged people to put in their best to build in the next 25 years a developed India connected to its past glory.

India's budget session 2023 begins, President Murmu gives a joint address to the Parliament

The IMF says India continues to be a bright spot amid global recession fears. What should you expect from the budget?

Budget 2023: All eyes on India

With 2 days left for India's Union Budget 2023, Railway passengers have shared their expectations forward. Here we list 5 of them, compiled from experts and media reports.

Expectations from the Railway Budget

Ahead of this year's India's budget announcement, we thought of taking you through some interesting, lesser-known facts about the Union Budget. Watch this video to know more.

Lesser-known facts about Union Budget

India's Finance Minister Nirmala Sitaraman will be presenting the Union Budget 2023 on February 1. We list out some expectations of the taxpayers based on expert opinions and people's voices.

Taxpayers' expectations from the Union Budget

All eyes are on the budget session of the Indian Parliament which is scheduled to begin on Tuesday, as the opposition parties look to corner the government over inflation, the economy, the Adani-Hindenburg row, and other pressing economic issues.

The Prime Minister Narendra Modi-led government has, however, asserted that it is willing to discuss any issue as long as proper rules are followed.

The session will kick-start with the maiden address of President Droupadi Murmu to the joint sitting of both Houses of Parliament—Lok Sabha (Lower House) and Rajya Sabha (Upper House).

In her speech, she will mostly highlight the government's achievements and policy priorities for the current year.

After the president’s address, the Economic Survey will also be tabled on Tuesday.

On Wednesday, Finance Minister Nirmala Sitharaman will present the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections The Budget session will have 27 sittings.

The first part of the budget session will end on February 14. Then on March 12, the Parliament will reconvene for the second part of the session which will continue till April 6.

The government plans to bring around 36 bills —including four related to the budgetary exercise — during the session.

On the eve of the much-anticipated session, the opposition parties and the ruling BJP held an all-party meeting on Monday where they raised the Adani issue and the conduct of governors in some states ruled by the saffron party.

While several regional parties expressed their intention to raise issues relating to unemployment, price rise and the Centre's alleged bias in sharing revenue with states, Parliamentary Affairs Minister Pralhad Joshi said the government has always been positive to discussing every topic but maintained that it should be held under the rules and with the Speaker’s permission.

"We seek the opposition's cooperation in running Parliament smoothly," Joshi told reporters after the meeting which was attended by 37 leaders, representing 27 parties. Defence Minister Rajnath Singh and Commerce and Industry Minister Piyush Goyal were among others who attended the meeting.

As most Congress leaders were busy with the Bharat Jodo Yatra's conclusion, the main opposition party was not represented at the all-party meeting. A Congress leader who had to be present could not reach. Minister Joshi said its floor leaders are likely to meet him on Tuesday to convey their views.

(With inputs from agencies)

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All eyes are on the budget session of the Indian Parliament which is scheduled to begin on Tuesday, as the opposition parties look to corner the government over inflation, the economy, the Adani-Hindenburg row, and other pressing economic issues.

All eyes are on the budget session of the Indian Parliament which is scheduled to begin on Tuesday, as the opposition parties look to corner the government over inflation, the economy, the Adani-Hindenburg row, and other pressing economic issues. The Prime Minister Narendra Modi-led government has, however, asserted that it is willing to discuss any issue as long as proper rules are followed. The session will kick-start with the maiden address of President Droupadi Murmu to the joint sitting of both Houses of Parliament—Lok Sabha (Lower House) and Rajya Sabha (Upper House). In her speech, she will mostly highlight the government's achievements and policy priorities for the current year. After the president’s address, the Economic Survey will also be tabled on Tuesday. On Wednesday, Finance Minister Nirmala Sitharaman will present the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections The Budget session will have 27 sittings. The first part of the budget session will end on February 14. Then on March 12, the Parliament will reconvene for the second part of the session which will continue till April 6. The government plans to bring around 36 bills —including four related to the budgetary exercise — during the session. On the eve of the much-anticipated session, the opposition parties and the ruling BJP held an all-party meeting on Monday where they raised the Adani issue and the conduct of governors in some states ruled by the saffron party. While several regional parties expressed their intention to raise issues relating to unemployment, price rise and the Centre's alleged bias in sharing revenue with states, Parliamentary Affairs Minister Pralhad Joshi said the government has always been positive to discussing every topic but maintained that it should be held under the rules and with the Speaker’s permission. "We seek the opposition's cooperation in running Parliament smoothly," Joshi told reporters after the meeting which was attended by 37 leaders, representing 27 parties. Defence Minister Rajnath Singh and Commerce and Industry Minister Piyush Goyal were among others who attended the meeting. As most Congress leaders were busy with the Bharat Jodo Yatra's conclusion, the main opposition party was not represented at the all-party meeting. A Congress leader who had to be present could not reach. Minister Joshi said its floor leaders are likely to meet him on Tuesday to convey their views. (With inputs from agencies) WATCH WION LIVE HERE:

Indian Parliament’s budget session to begin on Tuesday; oppn look to corner govt on price rise, Adani

A US general allegedly told Ben Wallace,&nbsp;Secretary of State for Defence of the United Kingdom, that the British Army is no longer regarded as one of the world's top-tier combat forces,&nbsp;according to a Sky News report. Defence sources also said&nbsp;that the unnamed general allegedly&nbsp;warned the Defence Secretary, and sources also claim that he said the&nbsp;UK Armed Forces is "a service unable to protect the UK and its allies."

Given the mounting security danger presented by Vladimir Putin's Russia, the unnamed general&nbsp;told Sky News that Rishi Sunak ran the risk of failing in his duty as "wartime prime minister" unless he took immediate action.

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The sources said this decline in war-fighting capability - following decades of cuts to save money - needed to be reversed faster than planned in the wake of Russia's war in Ukraine. 
 
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He continued by saying that in the aftermath of Russia's war in Ukraine, the UK's declining warfighting capabilities, which had been the result of decades of budget cuts, needed to be reversed sooner than anticipated.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-prime-minister-rishi-sunak-fired-conservative-party-chairman-nadhim-zahawi-556989">UK Prime Minister Rishi Sunak fires Tory party chairman Nadhim Zahawi</a>

The general is alleged to have used a word to rank a nation's military power, with tier one being thought of as a top-level power shared by the US, Russia, China, and France.&nbsp;

Also watch |&nbsp;UK: Boris Johnson says Putin 'threatened him with missile strike'

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Tier two would be used to indicate a more mediocre power with less combat might, like Germany or Italy.&nbsp;According to the sources, the general, referring to the Army, said: "You haven't got a tier one. It's barely tier two."

(With inputs from agencies)

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A US general allegedly told Ben Wallace, Secretary of State for Defence of the United Kingdom, that the British Army is no longer regarded as one of the world's top-tier combat forces, according to a Sky News report.

A US general allegedly told Ben Wallace, Secretary of State for Defence of the United Kingdom, that the British Army is no longer regarded as one of the world's top-tier combat forces, according to a Sky News report. Defence sources also said that the unnamed general allegedly warned the Defence Secretary, and sources also claim that he said the UK Armed Forces is "a service unable to protect the UK and its allies." Given the mounting security danger presented by Vladimir Putin's Russia, the unnamed general told Sky News that Rishi Sunak ran the risk of failing in his duty as "wartime prime minister" unless he took immediate action. The sources said this decline in war-fighting capability - following decades of cuts to save money - needed to be reversed faster than planned in the wake of Russia's war in Ukraine. 2/ — Deborah Haynes (@haynesdeborah) January 29, 2023 × He continued by saying that in the aftermath of Russia's war in Ukraine, the UK's declining warfighting capabilities, which had been the result of decades of budget cuts, needed to be reversed sooner than anticipated. Also read | UK Prime Minister Rishi Sunak fires Tory party chairman Nadhim Zahawi The general is alleged to have used a word to rank a nation's military power, with tier one being thought of as a top-level power shared by the US, Russia, China, and France. Also watch | UK: Boris Johnson says Putin 'threatened him with missile strike' Tier two would be used to indicate a more mediocre power with less combat might, like Germany or Italy. According to the sources, the general, referring to the Army, said: "You haven't got a tier one. It's barely tier two." (With inputs from agencies) WATCH WION LIVE HERE:

British Army no longer among world's top combat forces, says US general

According to reports, Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased.

Russia's budget gap surges to record high in December

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday.

As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly.

However, the ministry did not immediately react to a request for comment, reported Bloomberg.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-breaks-world-record-for-largest-ever-loss-of-personal-fortune-551123">Elon Musk breaks world record for largest-ever loss of personal fortune</a>

According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit.

In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing.

Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged.

To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/global-central-banks-credibility-at-risk-over-rising-inflation-raghuram-rajan-551094">Global central banks' credibility at risk over rising inflation: Raghuram Rajan</a>

Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures.

According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But,&nbsp;the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December.

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Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report. Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday. As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly. However, the ministry did not immediately react to a request for comment, reported Bloomberg. Also read | Elon Musk breaks world record for largest-ever loss of personal fortune According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit. In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing. Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged. To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations. Also read | Global central banks' credibility at risk over rising inflation: Raghuram Rajan Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures. According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But, the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December. WATCH WION LIVE HERE:

Russia's budget gap surges to record high as Ukraine war weighs on finances

A tax hike aimed at paying for the nation's defence budget is scheduled to go into effect "sometime after 2024," according to Japanese Prime Minister Fumio Kishida, who on Tuesday suggested that a quick election may be called instead. Despite fierce resistance from within the ruling coalition and Kishida's waning popularity, the government is expected to enact tax increases to make up a shortfall of 1 trillion yen ($7.47 billion) in the defence budget.

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"We will be asking the general public to take on the (tax) burden for an appropriate period of time, starting from sometime after 2024 up to 2027. We'll make a decision on when it starts, and I think there could be an election by then," Kishida said in a late-night television programme aired on Tuesday.

Also read |&nbsp;<a href="https://www.wionews.com/world/covid-19-after-japan-india-and-malaysia-now-us-mulls-stricter-rules-for-travellers-from-china-547206">COVID-19 | After Japan, India and Malaysia, now US mulls stricter rules for travellers from China</a>

In an interview with Kyodo news agency, the premier stated that he is "not currently thinking about having an election next year." Unless Kishida calls for a sudden election, the following national election is scheduled for 2025.

Also watch |&nbsp;World Business Watch: Japan November factory output falls 7.9 percent

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Kishida promised to boost defence spending to two per cent&nbsp;of Japan's GDP by 2027 when he unveiled a new national security strategy in the middle of December.

A one trillion yen rise in taxes, according to Kishida, will provide the additional cash needed for the new defence strategy.

Koichi Hagiuda, the policy director for the Liberal Democratic Party, stated on Sunday that it was essential to dissolve parliament prior to the imposition of tax increases in order to give the public a chance to weigh in on the issue.

(With inputs from agencies)

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A tax hike aimed at paying for the nation's defence budget is scheduled to go into effect "sometime after 2024," according to Japanese Prime Minister Fumio Kishida, who on Tuesday suggested that a quick election may be called instead.

A tax hike aimed at paying for the nation's defence budget is scheduled to go into effect "sometime after 2024," according to Japanese Prime Minister Fumio Kishida, who on Tuesday suggested that a quick election may be called instead. Despite fierce resistance from within the ruling coalition and Kishida's waning popularity, the government is expected to enact tax increases to make up a shortfall of 1 trillion yen ($7.47 billion) in the defence budget. "We will be asking the general public to take on the (tax) burden for an appropriate period of time, starting from sometime after 2024 up to 2027. We'll make a decision on when it starts, and I think there could be an election by then," Kishida said in a late-night television programme aired on Tuesday. Also read | COVID-19 | After Japan, India and Malaysia, now US mulls stricter rules for travellers from China In an interview with Kyodo news agency, the premier stated that he is "not currently thinking about having an election next year." Unless Kishida calls for a sudden election, the following national election is scheduled for 2025. Also watch | World Business Watch: Japan November factory output falls 7.9 percent Kishida promised to boost defence spending to two per cent of Japan's GDP by 2027 when he unveiled a new national security strategy in the middle of December. A one trillion yen rise in taxes, according to Kishida, will provide the additional cash needed for the new defence strategy. Koichi Hagiuda, the policy director for the Liberal Democratic Party, stated on Sunday that it was essential to dissolve parliament prior to the imposition of tax increases in order to give the public a chance to weigh in on the issue. (With inputs from agencies) WATCH WION LIVE HERE:

Japanese PM suggests holding early election prior to raising taxes to fund defence budget

The US House of Representatives passed the annual spending package of $1.7 trillion, including $45 billion aid to Ukraine aid, for the year in a bid to avoid a partial government shutdown.

After having cleared both houses, the bill will now be headed to President Joe Biden’s desk for his signing into law.

“This bill is further proof that Republicans and Democrats can come together to deliver for the American people, and I'm looking forward to continued bipartisan progress in the year ahead," Biden said in a statement.

Had the lower house, where the Democrats hold a slim majority, failed to approve the budget, it would have been a major embarrassment for the Biden administration, as a day before Ukrainian President Volodymyr Zelensky visited the White House to argue for the $44.9 billion emergency military and economic aid, which is part of the legislation.

The bill gained 225 votes to 201 with the help of nine Republicans, while one Democrat —New York progressive Alexandria Ocasio-Cortez —voted no.

The $1.7 trillion budget has been earmarked for fiscal year 2023, of which $772.5 billion has been allocated for non-defence and domestic programs, while $858 billion has provided for defence funding.

Apart from $45 billion emergency assistance to Ukraine and NATO allies, it also includes $40 billion to respond to natural disasters like hurricanes, wildfires and flooding.

The other provisions of the bill include reform of the 1887 Electoral Count Act aimed at making it harder to overturn a certified presidential election, and the Secure Act 2.0 —a package aimed at making it easier to save for retirement, and a measure to ban TikTok from government devices.

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The US House of Representatives passed the annual spending package of $1.7 trillion, including $45 billion aid to Ukraine aid, for the year in a bid to avoid a partial government shutdown.

The US House of Representatives passed the annual spending package of $1.7 trillion, including $45 billion aid to Ukraine aid, for the year in a bid to avoid a partial government shutdown. After having cleared both houses, the bill will now be headed to President Joe Biden’s desk for his signing into law. “This bill is further proof that Republicans and Democrats can come together to deliver for the American people, and I'm looking forward to continued bipartisan progress in the year ahead," Biden said in a statement. Had the lower house, where the Democrats hold a slim majority, failed to approve the budget, it would have been a major embarrassment for the Biden administration, as a day before Ukrainian President Volodymyr Zelensky visited the White House to argue for the $44.9 billion emergency military and economic aid, which is part of the legislation. The bill gained 225 votes to 201 with the help of nine Republicans, while one Democrat —New York progressive Alexandria Ocasio-Cortez —voted no. The $1.7 trillion budget has been earmarked for fiscal year 2023, of which $772.5 billion has been allocated for non-defence and domestic programs, while $858 billion has provided for defence funding. Apart from $45 billion emergency assistance to Ukraine and NATO allies, it also includes $40 billion to respond to natural disasters like hurricanes, wildfires and flooding. The other provisions of the bill include reform of the 1887 Electoral Count Act aimed at making it harder to overturn a certified presidential election, and the Secure Act 2.0 —a package aimed at making it easier to save for retirement, and a measure to ban TikTok from government devices. WATCH WION LIVE HERE:

US House passes $1.7 trillion spending bill, including $45 bn Ukraine aid, avoids partial shutdown

Japan is ready to unveil a record-spending $864 billion budget for the next fiscal year. The new budget accounts for a major defense increase.

Japan is all set to unveil record-spending budget for next fiscal year

Crisis-hit Sri Lanka passed the budget bill of 5.82 trillion rupee ($15 billion) aimed to improve country’s financial situation.

The Parliament approved the budget for the year 2023 on Thursday, with 123 lawmakers voting for and 80 against it. Two lawmakers abstained.

The budget was tabled on November 14 by President Ranil Wickremesinghe, who is also the finance minister.

The budget is viewed as International Monetary Fund (IMF) friendly budget as it aims at restructuring state-owned enterprises, reducing subsidies for electricity, and increasing taxes to boost state revenue based.

The provisions of the budget are based on the proposals by the IMF under a preliminary $2.9 billion bailout plan.

The IMF agreed to disburse $2.9 billion bailout plan in September, but the progress was slowed down due to the condition that agreeing with the island's creditors were required before the disbursement.

Speaking at the Parliament, Wickremesinghe said the budget seeks to introduce unpopular reforms arguing that as the current economic crisis precipitated largely due to many popular decisions taken historically for political reasons, reports PTI news agency.

"The government has no income. Printing money would cause the devaluation of the rupee. If we are to raise VAT it would lead to problems," Wickremesinghe said.

The opposition criticised the government’s budget for failing to provide economic relief to the public who have been hit by high inflation.

It also hit out against the government’s proposal to privatise the profit-making&nbsp;state-owned entities such as Sri Lanka Telecom.

Sri Lanka plunged into economic crisis after it could not pay debt due to a severe balance of payments crisis that aroused in the aftermath of the COVID-19 pandemic.

As a result, it led to a shortage of essentials such as fuel, medicine and food, and soaring prices have caused severe hardships for most Sri Lankans. Many have lost their jobs because businesses have become unsustainable.

In April, the government announced that it was suspending repayment of nearly $7 billion in foreign debt due this year.

The total foreign debt of the island nation exceeds $51 billion, of which $28 billion has to be repaid by 2027.

(With inputs from agencies)

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Crisis-hit Sri Lanka passed the budget bill of 5.82 trillion rupee ($15 billion) aimed to improve country’s financial situation. The Parliament approved the budget for the year 2023 on Thursday, with 123 lawmakers voting for and 80 against it.

Crisis-hit Sri Lanka passed the budget bill of 5.82 trillion rupee ($15 billion) aimed to improve country’s financial situation. The Parliament approved the budget for the year 2023 on Thursday, with 123 lawmakers voting for and 80 against it. Two lawmakers abstained. The budget was tabled on November 14 by President Ranil Wickremesinghe, who is also the finance minister. The budget is viewed as International Monetary Fund (IMF) friendly budget as it aims at restructuring state-owned enterprises, reducing subsidies for electricity, and increasing taxes to boost state revenue based. The provisions of the budget are based on the proposals by the IMF under a preliminary $2.9 billion bailout plan. The IMF agreed to disburse $2.9 billion bailout plan in September, but the progress was slowed down due to the condition that agreeing with the island's creditors were required before the disbursement. Speaking at the Parliament, Wickremesinghe said the budget seeks to introduce unpopular reforms arguing that as the current economic crisis precipitated largely due to many popular decisions taken historically for political reasons, reports PTI news agency. "The government has no income. Printing money would cause the devaluation of the rupee. If we are to raise VAT it would lead to problems," Wickremesinghe said. The opposition criticised the government’s budget for failing to provide economic relief to the public who have been hit by high inflation. It also hit out against the government’s proposal to privatise the profit-making state-owned entities such as Sri Lanka Telecom. Sri Lanka plunged into economic crisis after it could not pay debt due to a severe balance of payments crisis that aroused in the aftermath of the COVID-19 pandemic. As a result, it led to a shortage of essentials such as fuel, medicine and food, and soaring prices have caused severe hardships for most Sri Lankans. Many have lost their jobs because businesses have become unsustainable. In April, the government announced that it was suspending repayment of nearly $7 billion in foreign debt due this year. The total foreign debt of the island nation exceeds $51 billion, of which $28 billion has to be repaid by 2027. (With inputs from agencies) WATCH WION LIVE HERE:

Sri Lanka’s 2023 budget gets parliamentary nod amidst unprecedented economic crisis

Italy government has approved its 2023 budget. Taxes on energy firms' extra profits set at 35%. Watch this report for all the details.

World Business Watch: Italy government approves 2023 budget

UK government on Thursday unveiled an austerity budget with £55 billion ($65 billion) of tax hikes and spending cuts despite confirming its economy was in recession.

Britain unveils 'austerity budget': Millions to pay more taxes as threshold frozen

WION Dispatch: UK unveils austerity budget with major tax hikes, spending cuts

New UK Finance Minister Jeremy Hunt is all set to release the Autumn budget. He is expected to include billions of tax rises and spending cuts.

UK: Jeremy Hunt to present autumn budget today

New UK Finance Minister Jeremy Hunt has unveiled a new budget. He said that his government is honest about the challenges and UK's economy is already in recession.

Sunak & Jeremy Hunt's economic roadmap: 'We are honest about our challenges'

Jeremy Hunt to present UK's autumn budget today

Sri Lankan President Ranil Wickremesinghe on Monday presented the budget in the parliament as the minister of finance after a whirlwind year that saw the country face its worst-ever economic crisis.

Sri Lankan President Ranil Wickremesinghe on Monday presented the budget in the parliament as the minister of finance after a whirlwind year that saw the country face its worst-ever economic crisis. Sounding optimistic, Wickremesinghe said the Sri Lankan economy can script a turnaround by the end of 2023. The president said economic difficulties had eased in the last few months and that talks with the International Monetary Fund (IMF) were ongoing to achieve economic stability. However, he asserted that economic reforms will not be limited to the IMF agreement. Notably, in September, IMF announced a $2.9 billion bailout package for the island nation after prolonged talks between an IMF team and the Sri Lankan government headed by Wickremesinghe and treasury secretary Mahinda Siriwardana. Through the budget, the government is looking to ensure that the bailout money is quickly dispatched to usher in the reforms. Read more: Sri Lanka and IMF reach staff-level agreement for $2.9 billion bailout loan During the speech, Wickremesinghe attempted to correct the mistakes of his predecessors who tried to close the Sri Lankan market. “I would like to define the new economy that we are going to build as a social market economy or an “open economic system of social Protection”. In this new economy, we focus on the following three main things, an export-oriented competitive economy, an environmentally friendly green and blue economy, and a digital economy.” said Wickremesinghe. WATCH | Sri Lanka economic crisis explained in one minute × The Sri Lankan government expects to achieve high economic growth of 7-8 per cent in the coming year, based on reforms and modernisation. It wants Foreign Direct Investment (FDI) of more than $3 billion in the next decade. A presidential committee will also be set up to explore state-sector reforms. Additionally, a proposal has been put forth for the appointment of a revenue authority. Wickremesinghe also appealed to the youth of the country and asked them to take a new approach to build the economy. “To ensure a better future for the youth of our country, let’s create a new economy tailored to meet the expectations of the youth through a new approach that goes beyond traditional protests, struggles, and strikes.” (With inputs from agencies) WATCH WION LIVE HERE:

Sri Lanka President announces budget; aims for a turnaround by the end of 2023

China's broad fiscal deficit has hit an all-time high this year. China's economy has been slowing down due to covid-19 outbreaks and the housing market slump.

WION Business News | China's budget deficit nears record $1 trillion

After Prime Minister Liz Truss' initial economic proposals precipitated a collapse in the bond market, Britain's new finance minister, Jeremy Hunt, promised to demonstrate to investors that he would restore the nation's public finances.

"No government can control the markets. No Chancellor should seek to do that," Hunt told BBC television in an interview broadcast on Sunday.

"There is one thing we can do and that's what I'm going to do, which is to show the markets, the world, indeed people watching at home, that we can properly account for every penny of our tax and spending plans."

Since September 23, when Hunt's predecessor as finance minister&nbsp;Kwasi Kwarteng&nbsp; promised a series of unfunded tax cuts, investors have sold a significant amount of British government bonds.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-pm-liz-truss-economic-plan-was-a-mistake-says-biden-525756">UK PM Liz Truss' economic plan was a 'mistake', says Joe Biden</a>

Truss, who gained the Conservative Party's leadership less than a month ago on the promise to cut taxes, sacked Kwarteng on Friday and abandoned a significant portion of the plan they had developed together.

<a href="https://www.wionews.com/videos/uk-who-is-jeremy-hunt-uks-new-chancellor-of-exchequer-525664">Hunt</a>, though, has stated that he will go farther, including tax rises and tighter controls on public expenditure.

Asked whether he thought financial markets would have confidence in his plans, Hunt told the BBC: "Well, I think, you know, for people trading the markets, actions speak louder than words."

On Monday morning, when trade in <a href="https://www.wionews.com/world/were-under-seige-180-hindu-groups-write-a-letter-to-truss-seek-action-for-leicester-attacks-525743">Britain</a>'s battered government bonds starts without the assistance of the Bank of England's emergency bond-buying programme, which concluded on Friday, a first test will take place.

(With inputs from agencies)

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After Prime Minister Liz Truss' initial economic proposals precipitated a collapse in the bond market, Britain's new finance minister, Jeremy Hunt, promised to demonstrate to investors that he would restore the nation's public finances.

After Prime Minister Liz Truss' initial economic proposals precipitated a collapse in the bond market, Britain's new finance minister, Jeremy Hunt, promised to demonstrate to investors that he would restore the nation's public finances. "No government can control the markets. No Chancellor should seek to do that," Hunt told BBC television in an interview broadcast on Sunday. "There is one thing we can do and that's what I'm going to do, which is to show the markets, the world, indeed people watching at home, that we can properly account for every penny of our tax and spending plans." Since September 23, when Hunt's predecessor as finance minister Kwasi Kwarteng promised a series of unfunded tax cuts, investors have sold a significant amount of British government bonds. Also read | UK PM Liz Truss' economic plan was a 'mistake', says Joe Biden Truss, who gained the Conservative Party's leadership less than a month ago on the promise to cut taxes, sacked Kwarteng on Friday and abandoned a significant portion of the plan they had developed together. Hunt, though, has stated that he will go farther, including tax rises and tighter controls on public expenditure. Asked whether he thought financial markets would have confidence in his plans, Hunt told the BBC: "Well, I think, you know, for people trading the markets, actions speak louder than words." On Monday morning, when trade in Britain's battered government bonds starts without the assistance of the Bank of England's emergency bond-buying programme, which concluded on Friday, a first test will take place. (With inputs from agencies) WATCH WION LIVE HERE:

UK: Newly appointed finance minister promises to restore the nation's public finances

It has been barely a month since Liz Truss took over the reins from Boris Johnson as the UK’s Prime Minister and it seems that she is already facing a major crisis. According to the Observer poll, the approval ratings of Liz Truss and the Tories have plunged.

Cost of living crisis worsens in UK; Liz Truss' approval ratings plunge

It has been barely a month since Liz Truss took over the reins from Boris Johnson as the UK’s Prime Minister and it seems that she is already facing a major crisis in gaining faith of the people. According to the Observer poll, the approval ratings of Truss and the Tories have plunged.

UK PM Truss' ratings plummet lower than Johnson's

UK PM Liz Truss has admitted that mini-budget caused disruption in the British economy. She said, not everyone will like what we are doing but the British economy will bounce back.

UK PM Liz Truss admits mini-budget caused disruption

In an effort to reduce expenses during tough economic times, Facebook parent company Meta informed its staff on Thursday (Sept 29) that it would be halting hiring.

According to the Wall Street Journal, Mark Zuckerberg, the head of Meta, announced a plan to freeze recruiting during a weekly all-hands meeting, adding that the decision came as the social media giant planned to cut expenses by at least 10 per cent.

<a href="https://www.wionews.com/world/top-meta-official-to-decide-if-trump-can-return-to-facebook-instagram-in-2023-519266">Also read |&nbsp;Top Meta official to decide if Trump can return to Facebook &amp; Instagram in 2023</a>

Bloomberg reported that Zuckerberg, during a weekly session, said, "I had hoped the economy would have more clearly stabilised by now, but from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively."

As advertisers reduced spending to prepare for an impending recession, some tech companies have been forced to reduce personnel in recent months. Additionally, Zuckerberg indicated on Thursday that Meta would cut budgets for the majority of teams and that each team would have to decide how to manage headcount changes.&nbsp;

<a href="https://www.wionews.com/world/meta-looking-to-cut-costs-by-10-per-cent-over-next-few-months-518643">Also read |&nbsp;Meta looking to cut costs by 10 per cent over next few months, plans internal rejig</a>

However, Meta had long provided growth that seemed to go upward, and this time it just recorded its first global daily user decrease. The economic downturn, which made advertisers cut their marketing budgets, and Apple's data privacy regulations, had limited scope for personalisation. In the second-quarter earnings call, the company refrained from referring to Zuckerberg's warning about a drop in headcount over the next year.&nbsp;

Although general hiring freezes had been acknowledged by the company in May, precise numbers had not been disclosed yet.&nbsp;

This year, tech companies, including Snap and e-commerce Amazon, have announced layoffs.

(With inputs from agencies)

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In an effort to reduce expenses during tough economic times, Facebook parent company Meta informed its staff on Thursday (Sept 29) that it would be halting hiring.

In an effort to reduce expenses during tough economic times, Facebook parent company Meta informed its staff on Thursday (Sept 29) that it would be halting hiring. According to the Wall Street Journal, Mark Zuckerberg, the head of Meta, announced a plan to freeze recruiting during a weekly all-hands meeting, adding that the decision came as the social media giant planned to cut expenses by at least 10 per cent. Also read | Top Meta official to decide if Trump can return to Facebook & Instagram in 2023 Bloomberg reported that Zuckerberg, during a weekly session, said, "I had hoped the economy would have more clearly stabilised by now, but from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively." As advertisers reduced spending to prepare for an impending recession, some tech companies have been forced to reduce personnel in recent months. Additionally, Zuckerberg indicated on Thursday that Meta would cut budgets for the majority of teams and that each team would have to decide how to manage headcount changes. Also read | Meta looking to cut costs by 10 per cent over next few months, plans internal rejig However, Meta had long provided growth that seemed to go upward, and this time it just recorded its first global daily user decrease. The economic downturn, which made advertisers cut their marketing budgets, and Apple's data privacy regulations, had limited scope for personalisation. In the second-quarter earnings call, the company refrained from referring to Zuckerberg's warning about a drop in headcount over the next year. Although general hiring freezes had been acknowledged by the company in May, precise numbers had not been disclosed yet. This year, tech companies, including Snap and e-commerce Amazon, have announced layoffs. (With inputs from agencies) WATCH WION LIVE HERE

Meta halts hiring to reduce expenses after recording its first global daily user decrease 

30 August, 2022&nbsp;will mark the presentation of Sri Lankan President Ranil Wickremesinghe's first budget as head of his crisis-ridden nation. He will cut defence and other spending in an effort to secure help from the International Monetary Fund (IMF).

The staff-level agreement on extending crucial IMF assistance for Sri Lanka to address its greatest economic crisis since gaining independence from Britain in 1948 is expected to follow the interim budget for the remainder of the year, according to officials.

The island's tourism-based economy suffered from COVID-19, which also reduced remittances sent home by foreign workers. Rising oil costs, populist tax cuts, and a seven-month import restriction on chemical fertilisers last year, which ruined agriculture, all contributed to the damage.

As a result, there are ongoing shortages of essential goods, exorbitant prices, and widespread protests. As a result, President Gotabaya Rajapaksa was forced to leave the country, leaving <a href="https://www.wionews.com/world/calling-for-reforms-unga-president-abdulla-shahid-says-un-should-reflect-geopolitical-realities-511288">Wickremesinghe</a> in charge of restructuring the nation's massive debt to China and other nations while requesting an IMF bailout.

The finance ministry is held by six-time Prime Minister Wickremesinghe, who told Reuters this month that the budget he will deliver to parliament will cut spending by "a few hundred billion" rupees, including on defence.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/spotlight-china-india-slug-it-out-in-colombo-511295">Spotlight | China &amp; India slug it out in Colombo</a>

In its most recent budget, which was unveiled in November, Sri Lanka sought to spend 3.9 trillion rupees ($11 billion).

In addition, Wickremesinghe is anticipated to lay out plans to aid low-income areas that have been hardest hit by the crisis and propose new taxes to reduce the country's budget deficit.

The interim budget is expected to lower the deficit objective from roughly 12% of GDP to 9.9%, but analysts caution that this is an ambitious goal because the economy is expected to fall by nearly 8% this year.

"A long-standing problem is budgets don’t meet revenue and deficit targets so this budget will have to really focus on proper revenue-based fiscal consolidation," said Shehan Cooray, head of research at Acuity Stockbrokers.

"The key things will be the budget deficit and primary deficit targets, which will be in line with an IMF plan."

According to rating agency S&amp;P Global, the country skipped 22 million interest payments due on June 3, June 28, and July 18, as well as a principle payment due on July 25.

Wednesday marks the end of a visit by an IMF team that came last week, and <a href="https://www.wionews.com/india-news/sri-lanka-seized-94-fishing-boats-10-fishermen-ensure-their-release-tn-govt-to-eam-510099">Sri Lankan</a> officials are hoping to push discussions for an emergency loan of approximately $3 billion by then.

(With inputs from agencies)

Also WATCH |&nbsp;South Asia Diary | Is Gotabaya Rajapaksa returning to Sri Lanka?

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30 August, 2022 will mark the presentation of Sri Lankan President Ranil Wickremesinghe's first budget as head of his crisis-ridden nation. He will cut defence and other spending in an effort to secure help from the International Monetary Fund (IMF).

30 August, 2022 will mark the presentation of Sri Lankan President Ranil Wickremesinghe's first budget as head of his crisis-ridden nation. He will cut defence and other spending in an effort to secure help from the International Monetary Fund (IMF). The staff-level agreement on extending crucial IMF assistance for Sri Lanka to address its greatest economic crisis since gaining independence from Britain in 1948 is expected to follow the interim budget for the remainder of the year, according to officials. The island's tourism-based economy suffered from COVID-19, which also reduced remittances sent home by foreign workers. Rising oil costs, populist tax cuts, and a seven-month import restriction on chemical fertilisers last year, which ruined agriculture, all contributed to the damage. As a result, there are ongoing shortages of essential goods, exorbitant prices, and widespread protests. As a result, President Gotabaya Rajapaksa was forced to leave the country, leaving Wickremesinghe in charge of restructuring the nation's massive debt to China and other nations while requesting an IMF bailout. The finance ministry is held by six-time Prime Minister Wickremesinghe, who told Reuters this month that the budget he will deliver to parliament will cut spending by "a few hundred billion" rupees, including on defence. Also read | Spotlight | China & India slug it out in Colombo In its most recent budget, which was unveiled in November, Sri Lanka sought to spend 3.9 trillion rupees ($11 billion). In addition, Wickremesinghe is anticipated to lay out plans to aid low-income areas that have been hardest hit by the crisis and propose new taxes to reduce the country's budget deficit. The interim budget is expected to lower the deficit objective from roughly 12% of GDP to 9.9%, but analysts caution that this is an ambitious goal because the economy is expected to fall by nearly 8% this year. "A long-standing problem is budgets don’t meet revenue and deficit targets so this budget will have to really focus on proper revenue-based fiscal consolidation," said Shehan Cooray, head of research at Acuity Stockbrokers. "The key things will be the budget deficit and primary deficit targets, which will be in line with an IMF plan." According to rating agency S&P Global, the country skipped 22 million interest payments due on June 3, June 28, and July 18, as well as a principle payment due on July 25. Wednesday marks the end of a visit by an IMF team that came last week, and Sri Lankan officials are hoping to push discussions for an emergency loan of approximately $3 billion by then. (With inputs from agencies) Also WATCH | South Asia Diary | Is Gotabaya Rajapaksa returning to Sri Lanka?

Sri Lanka: President Ranil Wickremesinghe to present maiden budget in hopes of IMF loan

Amid the ongoing tensions with China, Taiwan has again proposed to increase its defence spending next year. It will be Taiwan's sixth consecutive year of growth in defence spending since 2017.

Taiwan proposes a significant hike in defence spending amid China tensions

Pakistan's foreign exchange reserves are rapidly depleting, and its currency is trading at historic lows against the dollar.The current coalition government led by Shehbaz Sharif is forced to present the budget in accordance with the IMF's directives and conditions.

Senator Sherry Rehman, the federal minister for climate change, blamed the former Pakistan Tehreek-i-Insaf (PTI) government led by Imran Khan with pushing the nation dangerously close to bankruptcy.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-and-imf-reach-agreement-on-bailout-programme-490590">Pakistan and IMF reach agreement on bailout programme</a>

In the National Assembly's general debate on the federal budget for the fiscal year 2022–23, which went on for nearly three hours without a quorum, Rehman remarked, "This is absolutely an IMF budget. There is no doubt about it,".

Almost every legislator, save from Rehman, criticised the PTI administration and its leader, Imran Khan, for allegedly wrecking the nation's economy.

Watch |&nbsp;Pakistan's Punjab declares emergency to tackle rising crimes against women

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Meanwhile, cash-strapped According to a report in the media on Wednesday, Pakistan has reached an agreement with the Foreign Monetary Fund (IMF) to resume the stalled $6 billion assistance package and open the doors for funding from other international sources.

The make or break deal was reached on Tuesday night following the IMF staff mission and the Pakistani team, led by Finance Minister Miftah Ismail, agreeing on an understanding on the 2022-23 budget after the authorities committed to generating Pakistani Rupees (PKR) Rs 436 billion more taxes and increasing the petroleum levy gradually up to Rs 50 per litre, the Dawn newspaper reported.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/newborn-baby-goat-with-19-inch-long-ears-hogs-limelight-looks-to-bag-guinness-world-record-in-pakistan-490577">Newborn baby goat with 19-inch-long ears hogs limelight in Pakistan, looks to bag Guinness World Record</a>

In July 2019, a $6 billion extended fund facility deal for a 39-month period was agreed upon. Only 50 per cent of the guaranteed sum has been paid out thus far. Pakistan urgently needs access to $1 billion to support its depleting foreign exchange reserves, and the facility's resuscitation will give it that access right away.

Over the following few days, the IMF mission and the State Bank will finalise the monetary targets, and in the interim, they will share the draught of a Memorandum of Economic and Financial Policy (MEFP).

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Pakistan's foreign exchange reserves are rapidly depleting, and its currency is trading at historic lows against the dollar.The current coalition government led by Shehbaz Sharif is forced to present the budget in accordance with the IMF's directives and conditions.

Pakistan's foreign exchange reserves are rapidly depleting, and its currency is trading at historic lows against the dollar.The current coalition government led by Shehbaz Sharif is forced to present the budget in accordance with the IMF's directives and conditions. Senator Sherry Rehman, the federal minister for climate change, blamed the former Pakistan Tehreek-i-Insaf (PTI) government led by Imran Khan with pushing the nation dangerously close to bankruptcy. Also read | Pakistan and IMF reach agreement on bailout programme In the National Assembly's general debate on the federal budget for the fiscal year 2022–23, which went on for nearly three hours without a quorum, Rehman remarked, "This is absolutely an IMF budget. There is no doubt about it,". Almost every legislator, save from Rehman, criticised the PTI administration and its leader, Imran Khan, for allegedly wrecking the nation's economy. Watch | Pakistan's Punjab declares emergency to tackle rising crimes against women Meanwhile, cash-strapped According to a report in the media on Wednesday, Pakistan has reached an agreement with the Foreign Monetary Fund (IMF) to resume the stalled $6 billion assistance package and open the doors for funding from other international sources. The make or break deal was reached on Tuesday night following the IMF staff mission and the Pakistani team, led by Finance Minister Miftah Ismail, agreeing on an understanding on the 2022-23 budget after the authorities committed to generating Pakistani Rupees (PKR) Rs 436 billion more taxes and increasing the petroleum levy gradually up to Rs 50 per litre, the Dawn newspaper reported. Also read | Newborn baby goat with 19-inch-long ears hogs limelight in Pakistan, looks to bag Guinness World Record In July 2019, a $6 billion extended fund facility deal for a 39-month period was agreed upon. Only 50 per cent of the guaranteed sum has been paid out thus far. Pakistan urgently needs access to $1 billion to support its depleting foreign exchange reserves, and the facility's resuscitation will give it that access right away. Over the following few days, the IMF mission and the State Bank will finalise the monetary targets, and in the interim, they will share the draught of a Memorandum of Economic and Financial Policy (MEFP). WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan loses right to decide its budget, IMF to dictate Shehbaz govt

Pakistan's new government unveiled its first budget. This was much awaited by many because this government took birth out of a crisis and it adopted an economy completely wounded. IMF is concerned over the budget and urged Pakistan to raise more direct taxes.

IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes

In a virtual meeting on Wednesday, the International Monetary Fund (IMF) pressed hard on Pakistan whereby the Pakistani side shared the features of the coming budget 2022-23. The IMF placed major prior actions, including taxation measures, to fetch Rs 7.255 trillion in the next fiscal year for the revival of the stalled USD 6 billion programmes.

The Pakistani government has proposed an outlay of Rs 9,500 billion federal budget. Earlier, at the time of completion of the 6th review under the Imran Khan-led PTI regime, the reform of Personal Income Tax (PIT), was the structural benchmark of the IMF program.

It was agreed that the PIT reforms would be introduced on the occasion of the FY 2023 budget. Now if the Pakistani government deviates from implementing these reforms then it would have to come up with an alternate plan to fetch revenues up to the desired mark in the coming budget.

However, the government showed reluctance to move ahead as desired by the IMF on the occasion of the completion of the sixth review in February 2022 under the PTI-led regime.

The IMF side also expressed concern over the outstanding repayments to Chinese Independent Power Producers (IPPs) under the China-Pakistan Economic Corridor (CPEC), as Prime Minister Shehbaz Sharif approved the release of Rs 50 billion out of total outstanding dues of Rs 300 billion. Now, the fund is asking about the repayment schedule on this account.

The IMF has also asked about alternate plans to meet the Federal Board of Revenue’s (FBR) envisaged target of Rs7.255 trillion in the coming budget. The IMF has estimated that the FBR's collection would be standing at Rs6,000 billion for the outgoing fiscal year and the FBR would have to collect R$1,255 billion to meet the desired target in the next fiscal year.

With nominal growth of 16.5 per cent, the FBR's collection would touch R$6,700 billion so the IMF is inquiring about the plan for collecting the remaining Rs550 billion for touching the revenue collection of Rs7,255 billion for the next financial year.

Pakistan and the IMF discussed the proposed increase in electricity tariff, subsidies on POL prices, and expected budget deficit for the coming financial year 2022-23. The government has envisaged Rs578 billion for subsidy on electricity as Rs 500 billion subsidies proposed for FY2023.

Pakistan and the IMF remained engaged on one of the toughest rounds of parleys for finalising budgetary figures for the upcoming budget amid the lingering severe macroeconomic and fiscal crisis being faced by the country. This crisis-like situation was aggravated owing to skyrocketing crude oil and commodities prices in the international market. 
&nbsp;

[with inputs from agencies] 
&nbsp;

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In a virtual meeting on Wednesday, the International Monetary Fund (IMF) pressed hard on Pakistan whereby the Pakistani side shared the features of the coming budget 2022-23.

In a virtual meeting on Wednesday, the International Monetary Fund (IMF) pressed hard on Pakistan whereby the Pakistani side shared the features of the coming budget 2022-23. The IMF placed major prior actions, including taxation measures, to fetch Rs 7.255 trillion in the next fiscal year for the revival of the stalled USD 6 billion programmes. The Pakistani government has proposed an outlay of Rs 9,500 billion federal budget. Earlier, at the time of completion of the 6th review under the Imran Khan-led PTI regime, the reform of Personal Income Tax (PIT), was the structural benchmark of the IMF program. It was agreed that the PIT reforms would be introduced on the occasion of the FY 2023 budget. Now if the Pakistani government deviates from implementing these reforms then it would have to come up with an alternate plan to fetch revenues up to the desired mark in the coming budget. However, the government showed reluctance to move ahead as desired by the IMF on the occasion of the completion of the sixth review in February 2022 under the PTI-led regime. The IMF side also expressed concern over the outstanding repayments to Chinese Independent Power Producers (IPPs) under the China-Pakistan Economic Corridor (CPEC), as Prime Minister Shehbaz Sharif approved the release of Rs 50 billion out of total outstanding dues of Rs 300 billion. Now, the fund is asking about the repayment schedule on this account. The IMF has also asked about alternate plans to meet the Federal Board of Revenue’s (FBR) envisaged target of Rs7.255 trillion in the coming budget. The IMF has estimated that the FBR's collection would be standing at Rs6,000 billion for the outgoing fiscal year and the FBR would have to collect R$1,255 billion to meet the desired target in the next fiscal year. With nominal growth of 16.5 per cent, the FBR's collection would touch R$6,700 billion so the IMF is inquiring about the plan for collecting the remaining Rs550 billion for touching the revenue collection of Rs7,255 billion for the next financial year. Pakistan and the IMF discussed the proposed increase in electricity tariff, subsidies on POL prices, and expected budget deficit for the coming financial year 2022-23. The government has envisaged Rs578 billion for subsidy on electricity as Rs 500 billion subsidies proposed for FY2023. Pakistan and the IMF remained engaged on one of the toughest rounds of parleys for finalising budgetary figures for the upcoming budget amid the lingering severe macroeconomic and fiscal crisis being faced by the country. This crisis-like situation was aggravated owing to skyrocketing crude oil and commodities prices in the international market. [with inputs from agencies] WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF presses hard for reforms as Pakistan shares upcoming 2022-23 budget features

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