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Sri Lanka foreign reserves dip below $50 million, minister waves red flag Last Updated : 04 May 2022 07:59:28 PM IST 
Sri Lanka finance minister Ali Sabry on Wednesday waved a metaphorical red flag in parliament as the troubled nation's usable foreign exchange reserves dropped below $50 million, increasing worry over its ability to provide food, fuel and other essential goods for citizens, and repay massive foreign debts.
Sabry - who quit April 4, a day after being appointed, only to return - warned 'we have been over-spending two and a half times'. "In 2021 total income was 1,500 billion (Sri Lankan) rupees… expenditure was 3,522 billion rupees… we were living (beyond) our means…" he said, cautioning lawmakers that aid from the World Bank or the IMF would not solve deep-rooted problems.
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