Cash-strapped Sri Lanka began a fresh austerity drive as the country aims to reduce its expenses and secure the IMF bailout. Now Colombo has temporarily frozen all government recruitments as new taxes and high electricity prices kicked in this week.

Sri Lanka works towards securing IMF bailout, freezes recruitment in fresh austerity drive

Sri Lankan President Ranil Wickremesinghe will present his first budget in Parliament later today as the country reels under its worst financial crisis since its independence.

Sri Lanka's reform-oriented 2023 budget to be presented today

Sri Lankan President Ranil Wickremesinghe to present 2023 budget today

Sri Lanka to opt for an international monetary fund bailout or not, that is a big question in Sri Lanka right now. Sri Lanka's cabinet of ministers is now trying to meet further to explore the IMF option as a country reels under a massive financial crisis.

Sri Lanka's inflation hit a record 11.1% in November