COLOMBO Sri Lankan Treasury Secretary Mahinda Siriwardana announced on Monday that the country will take actions to stabilise the economy, including improving public financing.

Siriwardana made the comments when the Sri Lankan government sought aid from the International Monetary Fund (IMF). According to reports, about 125 billion Sri Lankan rupees (USD384 million) in banknotes were created in April, and government spending has also grown amid rising foreign exchange shortages.

Siriwardana said, the government must properly manage resources and decrease the budget deficit, which has caused several difficulties throughout the economy.  He went on to say that the government does not have enough revenue and is no longer able to obtain international loans.

"The full deficit must be paid for with domestic resources. Because domestic resources are limited, the central bank is obligated to find the money "He informed reporters about it.

Last Monday, the Sri Lankan government resolved to halt all debt repayments for the time being, pending the completion of an orderly and consensual debt restructuring package backed by the International Monetary Fund.

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