The incumbent Government of Sri Lanka under president Gotabaya Rajapaksa made continuous cascading policy errors[citation needed] which resulted in a severe huge economic crisis for Sri Lanka. These included large tax cuts which affected government revenue and fiscal policies causing budget deficits to soar from 5% in 2020 to 15% in 2022.[failed verification] To cover government spending the Central Bank began printing money in record amounts, ignoring advice by the International Monetary Fund (IMF) to stop printing money and instead hike interest rates and raise taxes while cutting spending, as well as another IMF warning that continuing money printing would lead to an economic implosion.[19]In April 2021, President Gotabaya Rajapaksa announced that Sri Lanka will only allow organic farming totally banning agrochemicals-based fertilisers.