Finance minister vows to take tough decision to avoid Sri Lanka-default

Rs300b to be collected through petroleum levy

Meagre funds will result in slowdown of work, increase in completion period of projects

Salaries of govt officers increased by 15%; pensions 5%; Rs740b new taxes proposed

Volume of economy stands at $387b; current account deficit projected at $16b

In FY22 alone, country offered Rs1.7tr tax exemptions to affluent, foreign investors

Demand comes before payment of around Rs300b to Chinese power plants

NEC approves Rs2.23 trillion bloated national development outlay

58% of the budget to be spent only on debt servicing and defence

Govt planning to levy 1% tax on overseas payments via credit, debit cards