Sri Lanka is currently in talks with World Bank to extend aid from $300 million to $700 million.

Finance Minister Ali Sabry said that the current proposed budget is unrealistic to address challenges faced by the country and that the government bring in a new budget to address core issues of low public revenue.

Sabry said that he wants to increase tax revenue to 14% within the next two years, from the current 8.7% as a share of gross domestic product.

He further added that Sri Lanka is keen to work with IMF on structural reforms, and will appoint financial and legal advisers for a proposed restructure of its sovereign debt within the next two weeks.

The country is experiencing its worst economic crisis that has led to public protests calling for the government's resignation as the people continue to suffer due to food, fuel, and medicine shortages.