Sunday, 09 May 2021 10:26

Sri Lanka public debt expects to rise up to 115 percent this year Featured

Sri Lanka’s government debt as a share of gross domestic product is expected to rise to 115 percent in 2021 and poverty to 10.9 percent.

This was preceded by the World Bank in the wake of several years of mostly monetary ‘stimulus’ followed by the inevitable stabilisation policies.

Import controls would reduce growth, while high debt and reduced access to markets were threatening debt sustainability, the agency said in a report on South Asia.

Sri Lanka’s economy is expected to recover to 3.6 percent in 2021, from a 3.6 percent contraction in 2020 amid a Coronavirus shock.

Sri Lanka public and publicly guaranteed debt is estimated to have risen to 109.7 percent of GDP in 2020 from 94.3 percent in 2019 and is expected to rise to 115.0 percent in 2021 and 117.7 percent in 2021.

Lower-middle-income-poverty defined as 3.2 dollars in 2011 PPP dollars had jumped to 11.7 percent in 2020 from 9.2 percent and will moderate to 10.9 percent in 2021 as growth recovers.

Public Debt Parliament shall have full control over public finance including public debt in terms of Article 148 of the Constitution of the Democratic Socialist Republic of Sri Lanka and approval of the Parliament should be obtained for all debts of the Republic.

 

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