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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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