Sri Lanka’s Parliamant approves budget amid economic crisis

COLOMBO, Sri Lanka (AP) — Sri Lanka’s Parliament has approved a budget that includes reforms aimed at improving the country’s finances as it attempts to recover from its worst economic crisis. The $15-billion budget includes a $117-million relief package for those affected by the crisis. It provides for a restructuring of state-owned enterprises, reduced subsidies for electricity, and tax increases to boost state revenue. That’s based on proposals by the International Monetary Fund under a preliminary $2.9-billion bailout plan. Unsustainable government debt, a balance of payments crisis and the pandemic led to a severe shortage of essentials such as fuel, medicine and food. Soaring prices have caused severe hardships for most Sri Lankans.