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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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Social Protection and Welfare
Social Protection and Welfare
Recent trends and developments in government expenditure on social protection and welfare.
From The PF Wire
Source:
Daily Mirror
Prioritise building inclusive social protection sy...
The Asian Development Bank (ADB) underscores the immediate need for Sri Lanka to establish institutional frameworks for an inclusive social protection system, vital for economic recovery. Fragmented past programs have resulted in low coverag...
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Source:
Economy Next
Sri Lanka making new economic laws to embed struct...
Sri Lanka is undergoing a legislative transformation, with Treasury Secretary Mahinda Siriwardana revealing plans to introduce new laws and revise existing ones based on past experiences and lessons learned. The focus lies on structural refo...
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Source:
DailyFT
Govt. secures $ 200 m World Bank funding for socia...
The Cabinet of Ministers approved to enter into an agreement with the World Bank Group to secure a $ 200 million (around Rs. 66,000 million) loan Grant for the implementation of the ambitious social security project in the country.
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Insight on Social Protection and Welfare
Who benefitted from the cigarette tax hi...
On the 10th of January, the Sri Lankan go...
Expenditure on the Community Services Se...
Expenditure on the Welfare Sector (2010...
Has the Government Fulfilled its Policy...
The National Policy Framework: Vistas...
Personal Emoluments as a Share of Total...
The chart below provides a sectoral breakdown of the total governmen...
Have Governments Fulfilled their Welfare...
Have consecut...
Flawed Rationale Behind EPF Re-entering...
At the end of 2018, the EPF resolved to r...
Featured
Sri Lanka met 25% of IMF commitments and failed 1...
Sri Lanka had met 25% of the trackable programme commitments of the International Monetary Fund (IMF) programme as at the end of March 2023 but had failed on one, according to 'The IMF Tracker', a new online tool launched by Verit&ea...
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Interim Budget or Secret Budget?
The Ministry of Defense was specified as an implementing agency for two reasons. 1) to establish STEM focused branch campuses. STEM refers to approach of learning that integrates the areas of science, technology, engineering and mathematics....
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Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same peri...
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