Bankrupt Sri Lanka to cut army strength by one-third for economic gains

Web Desk 11:43 AM | 14 Jan, 2023
Bankrupt Sri Lanka to cut army strength by one-third for economic gains
Source: Sri Lanka Army - Defenders of the Nation (Facebook)

COLOMBO – After defaulting on its debt for the first time, Sri Lanka has announced cutting its army strength by nearly a third by next year as the Island nation is facing the worst financial crisis in recent memory.

The Lankan government makes the announcement, as expenditure on its military is said to be the largest chunk of the annual budget. 

Sri Lankan deputy defense minister Premitha Bandara Thennakoon termed military might and sustainable economic development ‘two sides of a coin, which stay together, but never talk to each other in open’.

Explaining the rationale to cut the number of soldiers to 135,000 from the current over 0.2 million by 2024, the deputy PM said the budget for armed forces is linked with new avenues for economic growth as it assures national and human security.

Thennakoon, however, mentioned cutting the army strength to 1 lac by 2030, calling the government’s aim for a well-balanced defense force to deal with security challenges.

The South Asian country earlier increased defence budget following years of civil war against the Liberation Tigers of Tamil Eelam, which killed over 100,000 people.

After gaining peace in recent years, the country owed more than $50 billion to lenders, and its central bank announced that the country was now in a pre-emptive default.

The recent development comes as global lenders have asked Lankan authorities to get rid of white elephants, and by raising taxes. The government led by Wickremesinghe announced a cut in army strength to settle a debt restructuring program with IMF, and other lenders.

The Island nation is facing the worst food and fuel shortages, long blackouts, and unprecedented inflation last year, which incited masses who stormed the prime minister’s office after president escaped.

Web Desk
Web Desk

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on April 01, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on April 01 , 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.6 286.65
Euro EUR 308 311
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 77.2 77.9
Saudi Riyal SAR 75.5 76.5
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 754.25 762.25
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.16 41.56
Danish Krone DKK 41.49 41.89
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.25 2.3
Kuwaiti Dinar KWD 924.86 933.86
Malaysian Ringgit MYR 64.14 64.73
New Zealand Dollar NZD 176.37 178.38
Norwegians Krone NOK 27.16 27.46
Omani Riyal OMR 736.57 144.51
Qatari Riyal ‎QAR


Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 27.35 27.65
Swiss Franc CHF 310.26


Thai Bhat THB 8.29 8.44

Today's gold rates in Pakistan – 01 April 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 209,000 on Saturday.The price of 10 grams of 24k gold was recorded at Rs179,190.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 209,000 PKR 2,525
Karachi PKR 209,000 PKR 2,525
Islamabad PKR 209,000 PKR 2,525
Peshawar PKR 209,000 PKR 2,525
Quetta PKR 209,000 PKR 2,525
Sialkot PKR 209,000 PKR 2,525
Attock PKR 209,000 PKR 2,525
Gujranwala PKR 209,000 PKR 2,525
Jehlum PKR 209,000 PKR 2,525
Multan PKR 209,000 PKR 2,525
Bahawalpur PKR 209,000 PKR 2,525
Gujrat PKR 209,000 PKR 2,525
Nawabshah PKR 209,000 PKR 2,525
Chakwal PKR 209,000 PKR 2,525
Hyderabad PKR 209,000 PKR 2,525
Nowshehra PKR 209,000 PKR 2,525
Sargodha PKR 209,000 PKR 2,525
Faisalabad PKR 209,000 PKR 2,525
Mirpur PKR 209,000 PKR 2,525


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