COLOMBO, (Reuters) – Ranil Wickremesinghe, the new prime minister of Sri Lanka said Tuesday that he would present an interim budget in six weeks. This will cut down on infrastructure projects as well as redirect funds to a two year relief program for the island country.

Wickremesinghe said that the interim budget was about cutting expenditures, cutting down to the bone, and shifting it to welfare. Wickremesinghe took office just two weeks ago.

According to him, inflation could reach above 40% per year in the 22-million-strong country. This is despite the fact that the government has cut fuel subsidies and printed more money to support the economy.

He stated, “We don’t have any rupee revenues and we must print (an additional) trillion rupees.”

Wickremesinghe stated that Wednesday would see the appointment of a new Finance Minister. This person will be responsible for negotiations with the International Monetary Fund to obtain a loan package.