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Sri Lankan Government Officers Demand Higher Salaries And Lower Cost Of Living Amid Economic Struggles.

Sri Lankan Government officers stage protest, they demand to reduce cost of living and increase by 20000 LKR their salaries in Colombo, Sri Lanka on October 30, 2023 The high cost of living in Sri Lanka can be attributed to several interconnected factors. The depreciation of the Sri Lankan rupee against major foreign currencies has made imports more expensive, directly affecting the prices of goods and services as many items are imported. The country's substantial external debt burden exerts immense pressure on its finances, with a significant portion of the government's budget allocated to servicing this debt, limiting the funds available for crucial social programs that could ease the cost of living for citizens. Additionally, external factors such as global economic uncertainty and the disruptive impact of the COVID-19 pandemic have further strained the country's economy and contributed to price increases. Rising energy costs, particularly for fuel and electricity, have created a cascading effect on the prices of goods and services, as transportation and manufacturing costs have surged. Reductions in government subsidies on essential items, including fuel and food, have directly translated into higher prices for consumers, exacerbating the cost of living. Moreover, the presence of income inequality means that many Sri Lankans struggle to afford basic necessities as the overall cost of living continues to rise, necessitating a multifaceted approach to address these challenges comprehensively. (Photo by Akila Jayawardena/NurPhoto)

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