Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian ambassador in Beijing to Al Mayadeen: We hope that Europe and the US give up their illegal actions and authoritarian hegemony.
Al Mayadeen's correspondent: Israeli shelling targets displaced persons' tent in Al-Mawasi, Khan Younis, casualties were reported
IOF storm Jalazone camp, north of Al Bireh city in the occupied West Bank
Israeli media: A severe incident reported in Gaza some time ago
Israeli media: Military evacuation helicopters are transporting injured soldiers from Khan Younis
Israeli media: A security incident has been reported in Khan Younis, southern Gaza Strip
The Islamic Revolution Guard Corps - Quds Force announces the martyrdom of the head of the Palestine Unit Brigadier General Mohammad Said Izadi.
Sayyed Khamenei: The idea of Iran's surrender is laughable to the wise, for the Iranian people are strong and will remain strong, proud, and honorable.
Leader of the Islamic Revolution, Sayyed Khamenei: The insult directed by the Americans at the Iranian people will not prevail... Our people are great, our state is strong, and our civilization is deeply rooted in history.
Sayyed Khamenei: Downplaying the Iranian strike on Al-Udeid base aims to conceal the truth, and the coming days will reveal the extent of the enemies' losses.

Sri Lanka plans to cut third of its military by 2030, contain economy

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Jan 2023 16:29
2 Min Read

Sri Lanka struggles with an economic crisis that is the worst in seven decades, and the government decided to slash the army to 100,000 personnel by 2030.

  • x
  • Sri Lankan army to be slashed as the country struggles with an economic crisis (AFP)
    Sri Lankan army to be slashed as the country struggles with an economic crisis (AFP)

Sri Lanka has made plans to cut its military personnel count by a third by 2030 in an attempt to contain its worst-ever economic crisis in the last seven decades. Mainly, the plan has been to decrease the count to 135,000 by 2024, to reach 100,000 by 2030.

In a statement, State Minister of Defense Premitha Bandara Thennakoon said "Military spending is basically state-borne expenditure which indirectly stimulates and opens avenues for economic growth by way of assuring national and human security."

As such, Thennakoon added, the purpose behind the cut in personnel is to create a "technically and tactically sound and well-balanced" defense force by 2030.

According to World Bank data, the number of Sri Lanka's military forces reached its highest between 2017 and 2019, with 317,000 soldiers, a number much higher even when there were heavy confrontations with the Liberation Tigers of Tamil Eelam (LTTE).

Related News

World Bank: Global growth to slow sharply, worst since 2008

Egypt poised for another interest rate cut ahead of economic reforms

According to the Colombo-based think tank Verite Research, the percentage of overall expenditures in Sri Lanka's defense industry peaked in 2021 at 2.31% of the GDP but dropped to 2.03% last year.

The Guardian: Experts warn hedge funds furthering Sri Lanka crisis

182 economists and development specialists from across the world claimed last week that some of the most powerful hedge funds and other investors are delaying crucial aid to crisis-stricken Sri Lanka because of their adamant attitude in debt-relief negotiations following the Asian nation's $51 billion default last year.

The group of specialists maintained in a statement provided to The Guardian on Sunday that massive debt cancellation was required to give the economy a chance to recover, and that Sri Lanka will serve as a test case for the international community's readiness to address a looming global debt crisis.

According to the statement, “Debt negotiations in Sri Lanka are now at a crucial stage,” adding, “All lenders – bilateral, multilateral, and private – must share the burden of restructuring, with assurance of additional financing in the near term.”

Read more: Sri Lanka to join Russia's Mir system, resumes flights to Russia

  • economic crisis
  • economy
  • Army expenditure
  • Sri Lanka
  • Sri Lanka crisis

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The commander of the Quds Force's Palestine Unit, Brigadier General Mohammad Said Izadi (Illustrated by Mahdi Rtail for Al Mayadeen English)
Politics

Who was Mohammad Said Izadi, head of the Quds Force's Palestine Unit?

Hezbollah's now-Secretary-General Sheikh Naim Qassem speaks during an interview with The Associated Press in Beirut's southern suburbs, Lebanon, July 2, 2024 (AP)
Politics

Sheikh Qassem praises Iran resilience in face of 'Israel', US

Al Houthi: Overthrowing Islamic Republic impossible
US & Canada

Sayyed Al Houthi: Overthrowing Islamic Republic of Iran impossible

Reproductive violence used as genocide tool in Gaza: UN
Politics

Reproductive violence used as genocide tool in Gaza: UN

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS