Aug 07, Colombo: The Sri Lankan government has improved its public debt management as mid-year statistics released by the Central Bank Thursday showed a rapidly improving debt profile.
According to the Central Bank data, the debt-to-GDP ratio falling to 74.3 percent by June 2014, has reached the year-end target by mid-year.
Sri Lanka's Public Debt to GDP ratio declined from 90.6% by end of 2005 to 78.3% by the end of last year.
The average maturity of domestic debt extended to six years in mid-June from last year's 4.8 years while the Foreign-debt maturity increased to 10.4 years from 9.8 years in the same period.
Earlier this year, the Governor of Central Bank Ajith Nivard Cabraal said Sri Lanka is moving towards a target of 65% Public Debt to GDP ratio by 2016 and necessary steps are being taken in that regard.
Sri Lanka's total debt currently stands at US$ 55.19 billion while GDP reached US$ 67.18 billion in 2013.
Releasing the mid-year statistics the Central Bank said public debt management strategies are formulated and implemented in accordance with the clearly articulated Medium Term Debt Management Strategy (MTDS) prepared by the Ministry of Finance and the Central Bank.