Sri Lanka overall public sector debt 88.9-pct of GDP : finance minister

COLOMBO (EconomyNext) – Sri Lanka’s overall public sector debt including debt taken by state enterprises was 88.9 percent of gross domestic product, compared to a reported 74.4 percent of central government debt, finance minister Ravi Karunanayake said.

When Treasury guarantees and state enterprise debt such as the Ceylon Electricity Board was counted total total public sector debt was up to 8,817 billion rupees, from 7,373 billion without them, he said.

Most countries publish a central government debt as well as a bigger ‘non-financial public sector debt (less state banks for example), but the number has not been published for over a decad in Sri Lanka.

There has however been concerns that debt of the Road Development Authority which does not have independent revenues unlike commerical enterprises is also not reported in the public debt (central government) number.

Karunanayake did not elaborate.

Debt service was going up with grace periods running out, he said.


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