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Public debt grew more slowly in the first three quarters of 2024
Sri Lanka’s public debt rose at a slower pace in the first three quarters of 2024 compared to the same period in 2023. Whilst domestic debt and foreign increased, the growth was notably lower than in the previous year. By September 2024, Sri Lanka’s domestic debt stock, including all publicly guaranteed local currency debt, increased by LKR 0.8 trillion. It rose from LKR 17.7 trillion at the start of 2024 to LKR 18.5 trillion in September. In comparison, during the first of three quarters of 2023, domestic debt climbed by LKR 2 trillion, growing from LKR 15.2 trillion in January to LKR 17.2 trillion by September 2023. Foreign debt, covering bilateral, multilateral, commercial, and foreign currency denominated publicly guaranteed loans, increased by USD 0.3 billion from USD 41.5 billion at the start of 2024 to USD 41.8 billion in September. In the first three quarters of 2023, foreign debt rose by USD 0.4 billion. The last quarter of 2023 saw a significant increase of USD 2.6 billion due to a Special Swap agreement in October between the Reserve Bank of India and the Central Bank of Sri Lanka. This slowdown in debt growth may be attributed to improved fiscal balances. The 2024 budget aims to reduce the budget deficit from 8.3% to 7.6% of GDP, and revenue collection has surpassed expectations, reducing the government’s reliance on borrowing.
Featured Insight
Public debt grew more slowly in the first three quarters of 2024
Sri Lanka’s public debt rose at a slower pace in the first three quarters of 2024 compared to the same period in 2023. Whilst domestic debt and foreign increased, the growth was notably lower than in the previous year. By September 2024, Sri Lanka’s domestic debt stock, including all publicly guaranteed local currency debt, increased by LKR 0.8 trillion. It rose from LKR 17.7 trillion at the start of 2024 to LKR 18.5 trillion in September. In comparison, during the first of three quarters of 2023, domestic debt climbed by LKR 2 trillion, growing from LKR 15.2 trillion in January to LKR 17.2 trillion by September 2023. Foreign debt, covering bilateral, multilateral, commercial, and foreign currency denominated publicly guaranteed loans, increased by USD 0.3 billion from USD 41.5 billion at the start of 2024 to USD 41.8 billion in September. In the first three quarters of 2023, foreign debt rose by USD 0.4 billion. The last quarter of 2023 saw a significant increase of USD 2.6 billion due to a Special Swap agreement in October between the Reserve Bank of India and the Central Bank of Sri Lanka. This slowdown in debt growth may be attributed to improved fiscal balances. The 2024 budget aims to reduce the budget deficit from 8.3% to 7.6% of GDP, and revenue collection has surpassed expectations, reducing the government’s reliance on borrowing.
Featured Insight
Public debt grew more slowly in the first three quarters of 2024
Sri Lanka’s public debt rose at a slower pace in the first three quarters of 2024 compared to the same period in 2023. Whilst domestic debt and foreign increased, the growth was notably lower than in the previous year. By September 2024, Sri Lanka’s domestic debt stock, including all publicly guaranteed local currency debt, increased by LKR 0.8 trillion. It rose from LKR 17.7 trillion at the start of 2024 to LKR 18.5 trillion in September. In comparison, during the first of three quarters of 2023, domestic debt climbed by LKR 2 trillion, growing from LKR 15.2 trillion in January to LKR 17.2 trillion by September 2023. Foreign debt, covering bilateral, multilateral, commercial, and foreign currency denominated publicly guaranteed loans, increased by USD 0.3 billion from USD 41.5 billion at the start of 2024 to USD 41.8 billion in September. In the first three quarters of 2023, foreign debt rose by USD 0.4 billion. The last quarter of 2023 saw a significant increase of USD 2.6 billion due to a Special Swap agreement in October between the Reserve Bank of India and the Central Bank of Sri Lanka. This slowdown in debt growth may be attributed to improved fiscal balances. The 2024 budget aims to reduce the budget deficit from 8.3% to 7.6% of GDP, and revenue collection has surpassed expectations, reducing the government’s reliance on borrowing.
Featured Insight
Public debt grew more slowly in the first three quarters of 2024
Sri Lanka’s public debt rose at a slower pace in the first three quarters of 2024 compared to the same period in 2023. Whilst domestic debt and foreign increased, the growth was notably lower than in the previous year. By September 2024, Sri Lanka’s domestic debt stock, including all publicly guaranteed local currency debt, increased by LKR 0.8 trillion. It rose from LKR 17.7 trillion at the start of 2024 to LKR 18.5 trillion in September. In comparison, during the first of three quarters of 2023, domestic debt climbed by LKR 2 trillion, growing from LKR 15.2 trillion in January to LKR 17.2 trillion by September 2023. Foreign debt, covering bilateral, multilateral, commercial, and foreign currency denominated publicly guaranteed loans, increased by USD 0.3 billion from USD 41.5 billion at the start of 2024 to USD 41.8 billion in September. In the first three quarters of 2023, foreign debt rose by USD 0.4 billion. The last quarter of 2023 saw a significant increase of USD 2.6 billion due to a Special Swap agreement in October between the Reserve Bank of India and the Central Bank of Sri Lanka. This slowdown in debt growth may be attributed to improved fiscal balances. The 2024 budget aims to reduce the budget deficit from 8.3% to 7.6% of GDP, and revenue collection has surpassed expectations, reducing the government’s reliance on borrowing.
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Budget 2023
Budget 2023
Detailed analysis of the 2023 Budget
National Budget Process in 60 Seconds!
The video below describes the National Budget process from planning to oversight. There are 4 steps to the whole process and is carried out between January and December.
From The PF Wire
Source:
Daily FT
Verité Research says progress unknown of 2023 Budg...
Verité Research on Wednesday revealed that Budget 2023 proposals to the value of Rs. 43.8 billion or 89% of the funds allocated, the Government was not able to provide information on progress.
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Source:
Sunday Times
Treasury orders ministries to further reduce budge...
The Finance Ministry has issued a fresh circular, directing ministries to further slash their budgets by six percent... https://www.sundaytimes.lk/230122/news/tre...
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Source:
Economy Next
Sri Lanka parliament nod for 2023 budget with high...
Sri Lanka’s parliament passed 2023 budget that has proposed higher taxes and some basic reforms to content the International Monetary Fund (IMF) and secure $2.9 billion loan from the global lender to move out of the island nation&rsquo...
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Insight on Budget 2023
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As taxpayers, you fund the national budge...
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The recently enacted Public Financial Man...
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The 2023 edition of the Open Budget Surve...
2023 End Year Budget Promises Study: Tra...
The 2023 End Year Budget Promises Assessm...
Progress unknown of budget proposals whi...
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Sri Lanka's fiscal performance in 2023 s...
Sri Lanka's fiscal performance in 2023 shows a mixed landscape o...
National Budget Process in 60 Seconds!
The video below describes the National Bu...
Will the budget's veil of secrecy be lif...
The lack of transparency on the implement...
Sri Lanka's best kept secret
The lack of fiscal transparency is a key...
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Featured
The EPF is the Single Largest Holder of Government...
On June 28, 2023, the Sri Lankan government unveiled its Domestic Debt Restructuring plan. A key component of this plan is the restructuring of bond holdings associated with superannuation funds, which are funds set up for retirement benefit...
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Economic Policies in an Election Year: Some Inconv...
Dr. Sharmini Coorey is a non-resident fellow at Verité Research. She was a former Department Director at the International Monetary Fund (IMF) and currently a member of the Presidential Advisory Group on multilateral engageme...
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Vote on Account 2025: Which ministries got the hig...
On 6 December, Parliament approved the 2025 Vote on Account (VOA) without a vote, allocating funds for government spending in the first four months of the year. T...
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