Sri Lanka's public services at halt as trade unions protest against the doubling of taxes to qualify for a crucial IMF bailout
Sri Lanka's unprecedented economic crisis since late 2021 has caused severe shortages of food, fuel and medicines.
The action came despite a ban on strikes imposed by President Ranil Wickremesinghe last month, and warnings that violators could lose their jobs. The doubling of taxes were among the measures taken to qualify for a $2.9 billion rescue package from the International Monetary Fund. "Sri Lanka is one of the countries with the lowest tax revenues in the world. Unless state revenue is increased, there is no solution to the country's economic crisis," a Sri Lankan official told AFP.Colombo received assurances last week from Beijing, its largest single bilateral creditor, that it is willing to restructure its loans to the South Asian nation and clear the final hurdle for the IMF rescue.
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