Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka' debt compared to GDP declines to a record low last year
Sun, Jun 1, 2014, 11:51 pm SL Time, ColomboPage News Desk, Sri Lanka.

June 01, Colombo: Sri Lanka's total government debt as a percent of GDP has declined over the past decade reaching a peak in 2002.

The total government debt including foreign and domestic debt amounting to US$ 52 billion was 78.3 percent of the GDP in 2013 according to the recently released Annual Financial Report for 2013.

Sri Lanka's total debt to GDP ratio reached an all-time high of 105.6 percent in 2002, and since then averaged 88.2 percent until reaching a record low of 78.3 percent in 2013 after recording a slight increase of 0.7 percent in 2012 from 2011.

Sri Lanka's foreign debt in 2013 reached US$ 22.6 billion (Rs. 2.96 trillion) and domestic borrowing amounted to US$ 29.4 billion (Rs. 3.83 trillion).

In 2013, the Foreign Debt mainly composed of project loans amounting to US$ 14.9 billion and US$ 7.8 billion of non-project loans which include the proceeds of the international sovereign bonds.

Total foreign debt in 2013 accounted to 43.6 percent of the total debt. The foreign debt to GDP ratio declined to 34.1 percent from 36.5 percent in 2012 mainly due to the lower reliance on foreign debt in 2013.

The domestic debt mainly consisted of Treasury Bonds which amounted to US$ 18.8 billion.

Total domestic debt in 2013 amounted to 56.4 percent of the total debt reflecting more reliance on domestic financing in 2013.

According to the Finance Ministry, the reduction of the government debt to GDP ratio to a risk free level is the main objective of the government’s debt management strategy and Sri Lanka, as announced in the 2014 Budget, aims to reduce the debt to GDP ratio below 65 percent by 2016.

ColomboPage - Recent 10 Stories
Term of 23 LG bodies end today, will not be extended - Minister
-- [8 minutes ago]
Norway calls on Sri Lanka to include international jurists in judicial mechanism
-- [31 minutes ago]
Sri Lanka demonstrated increased efforts to prevent human trafficking in 2015, but failed to meet minimum requirements - report
-- [1 hour and 17 minutes ago]
Former Sri Lanka Army chief Field Marshal Sarath Fonseka joins ruling UNP
-- [1 hour and 53 minutes ago]
Can't remove Central Bank Governor without proving allegations against him - Prime Minister
-- [2 hours ago]
Sri Lanka President joins Human Rights Commission's Anti-Torture Campaign
-- [2 hours ago]
Blue Mountain joins hands with Palmer & Turner Group Singapore to launch the first ever 7-star luxury apartment complex in Sri Lanka
-- [3 hours ago]
Sri Lanka Navy seizes suspicious cargo ship
-- [4 hours ago]
World Bank grants Sri Lanka US$ 125 million credit to modernize agriculture sector
LAUGFS Rubber showcases customized tire solutions at CeMAT, Germany

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.