Sri Lanka aims at budget deficit of 4.4-4.5 pct of GDP in 2019

ECONOMYNEXT  – Sri Lanka is targeting a budget deficit of 4.4 to 4.5 percent of gross domestic product in 2019 after provisionally reaching a gao of 5.3 percent of GDP in 2018, the finance ministry said.

Sri Lanka originally had a target of 4.8 percent of GDP for 2018, an attempt to cut rates with printed money in March and April 2018, de-stablized the credit system, leading to a collapse in the currency and capital flight.

In the latter part of the year, a political crisis triggered by extra-constitutional acts of President Maithripala Sirisena also hit economic activity, worsening capital flight, but may have reduced state spending.

Finance Minister Mangala Samaraweera is presenting a budget for 2019, based on themes of empowering the people, and supporting the poor, the statement said. (Colombo/Mar04/2019-SB)

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