The crisis-hit Sri Lankan economy can turn around by the end of 2023 if budget policies that are not limited to the International Monetary Fund's (IMF) recommendations are followed, President Ranil Wickremesinghe said in the budget speech on Monday.

IMF recommendations have only been looked at to stabilize the economy, Wickremesinghe, who is also the country's finance minister, told parliament, delivering the first annual budget since he took office in July.