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How Sri Lanka Spent, Earned, and Borrowed in 2024
The recently released CBSL Economic review shows that in 2024, government expenditure totalled LKR 6,131 billion. Nearly half—LKR 2,690 billion, or 44 percent—went on interest payments for existing debt. Day-to-day costs consumed much of the rest: salaries and wages amounted to LKR 1,066 billion, while pensions and welfare transfers absorbed LKR 1,234 billion. Only LKR 791 billion was spent on capital investment, illustrating how debt service continues to stifle development spending. Revenue reached LKR 4,091 billion, covering roughly two-thirds of total spending. Consumption taxes bore the brunt of collection: VAT and excise duties generated LKR 2,181 billion—more than half of all revenue. Income taxes contributed LKR 1,026 billion. Despite this, the Treasury posted a LKR 2,041 billion deficit, borrowing to fund a third of its budget. In short, debt service is largely consuming the expenditure, consumption taxes are carrying revenue, and borrowing remains essential to balance the books.
Featured Insight
How Sri Lanka Spent, Earned, and Borrowed in 2024
The recently released CBSL Economic review shows that in 2024, government expenditure totalled LKR 6,131 billion. Nearly half—LKR 2,690 billion, or 44 percent—went on interest payments for existing debt. Day-to-day costs consumed much of the rest: salaries and wages amounted to LKR 1,066 billion, while pensions and welfare transfers absorbed LKR 1,234 billion. Only LKR 791 billion was spent on capital investment, illustrating how debt service continues to stifle development spending. Revenue reached LKR 4,091 billion, covering roughly two-thirds of total spending. Consumption taxes bore the brunt of collection: VAT and excise duties generated LKR 2,181 billion—more than half of all revenue. Income taxes contributed LKR 1,026 billion. Despite this, the Treasury posted a LKR 2,041 billion deficit, borrowing to fund a third of its budget. In short, debt service is largely consuming the expenditure, consumption taxes are carrying revenue, and borrowing remains essential to balance the books.
Featured Insight
How Sri Lanka Spent, Earned, and Borrowed in 2024
The recently released CBSL Economic review shows that in 2024, government expenditure totalled LKR 6,131 billion. Nearly half—LKR 2,690 billion, or 44 percent—went on interest payments for existing debt. Day-to-day costs consumed much of the rest: salaries and wages amounted to LKR 1,066 billion, while pensions and welfare transfers absorbed LKR 1,234 billion. Only LKR 791 billion was spent on capital investment, illustrating how debt service continues to stifle development spending. Revenue reached LKR 4,091 billion, covering roughly two-thirds of total spending. Consumption taxes bore the brunt of collection: VAT and excise duties generated LKR 2,181 billion—more than half of all revenue. Income taxes contributed LKR 1,026 billion. Despite this, the Treasury posted a LKR 2,041 billion deficit, borrowing to fund a third of its budget. In short, debt service is largely consuming the expenditure, consumption taxes are carrying revenue, and borrowing remains essential to balance the books.
Featured Insight
How Sri Lanka Spent, Earned, and Borrowed in 2024
The recently released CBSL Economic review shows that in 2024, government expenditure totalled LKR 6,131 billion. Nearly half—LKR 2,690 billion, or 44 percent—went on interest payments for existing debt. Day-to-day costs consumed much of the rest: salaries and wages amounted to LKR 1,066 billion, while pensions and welfare transfers absorbed LKR 1,234 billion. Only LKR 791 billion was spent on capital investment, illustrating how debt service continues to stifle development spending. Revenue reached LKR 4,091 billion, covering roughly two-thirds of total spending. Consumption taxes bore the brunt of collection: VAT and excise duties generated LKR 2,181 billion—more than half of all revenue. Income taxes contributed LKR 1,026 billion. Despite this, the Treasury posted a LKR 2,041 billion deficit, borrowing to fund a third of its budget. In short, debt service is largely consuming the expenditure, consumption taxes are carrying revenue, and borrowing remains essential to balance the books.
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Sri Lanka moves closer to finalising debt restructuring with Japan
Sri Lanka’s Cabinet approved a debt restructuring agreement with JICA, following bipartisan negotiations and legal clearance, aiming to boost investor confidence and secure further international financial support....
2025-02-06
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Imperative for SOE Reforms in focus at Sri Lanka Economic Summit 2023
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Sri Lanka’s debt and governance in focus alongside IMF Annual Meetings in Morocco
On the 13th of October, there was a closed-door event that focused on two things. Firstly, the two recent governance diagnostics on Sri Lanka by civil society and the IMF, and secondly the role of the IMF, the government, and the country'...
2023-10-16
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Tourism earnings soar to nearly $ 1.5 b by end of 3Q
The latest data from the Central Bank of Sri Lanka shows that tourism earnings in the third quarter of 2023 were over $1.45 billion, reflecting a 67% increase from the third quarter of 2022.
2023-10-16
Daily FT
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