Economic crisis, Sri Lanka's announcement to reduce the army by a third

Colombo (Daily News 8pm) Sri Lanka's Defense Minister says that Sri Lanka will reduce its army by one third to 135 thousand by next year and to 1 lakh by 2030.

Defense Minister Premitha Bandara Thenkun said in a statement, "Military spending is essentially a state expenditure that indirectly enables and encourages economic growth by ensuring national and human security."

According to the news agency Reuters, Sri Lanka is currently facing the worst economic crisis in its 70-year history and is engaged in efforts to reduce spending in various areas. The move to reduce the army has also been made to ensure reduction in expenditure.