Sri Lanka plans budget deficit of 5.9-pct of GDP in 2016

ECONOMYNEXT – Sri Lanka is forecasting a budget deficit of 5.9 percent of gross domestic product or 740 billion rupees for 2016 with the outturn for 2015 at 675 billion rupees, or 6.0 percent of GDP, in a budget for 2016.

The government in January 2015 planned the deficit to be 499 billion rupees.

The government is planning revenue 2,032 billion rupees, up from this year’s out-turn of 1,468 billion rupees.

Current spending of 1,928 billion rupees is planned up from 1,648 billion rupees, giving an optimistic 104 billion rupee surplus in the current budget.

Capital spending is planned at 868 billion rupees, sharply up from 517 billion rupees.

The government is planning to borrow 557 billion rupees from domestic sources and 183 billion rupees from abroad.

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