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
Sri Lanka Cricket condoles tragic death of Australian batsman Phillip Hughes
-- [5 hours ago]
Sri Lankan President holds discussions with leaders of SAARC countries
-- [7 hours ago]
Sri Lanka's left parties to field candidates for the presidential electio
-- [7 hours ago]
Fielding a common opposition candidate for Sri Lanka presidency is an unprecedented move of solidarity - UNP
-- [7 hours ago]
Sri Lanka's Western Provincial Council rule firm despite rumors, says Chief Minister
-- [8 hours ago]
Sri Lanka Buddhist party submits three proposals to common opposition candidate
-- [9 hours ago]
China says no truth in reports of overseas military bases, submarine docking in Sri Lanka routine
-- [9 hours ago]
Alstom TandD India gets US$ 8.7 million deal from Sri Lanka to introduce first energy management system
UK trade mission to Sri Lanka inaugurated
Sri Lanka Election monitor asks opposition party's stance on cutouts of presidential candidates

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.