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The tax revenue to GDP ratio is just about 11.6 percent as of 2018, which is one of the lowest rates among the upper-middle income earning countries. [2] At present, the government of Sri Lanka also face major challenges regarding the continuous budget deficits where government expenditures have exceeded the government tax revenue. [3]
Government of Sri Lanka; Official Website of the Treasury of Sri Lanka; The Lakshman Kadirgamar Institute of International Relations and Strategic Studies; A Sri Lankan Diplomatic Success Story in the 18th Century
In the following table, for each country/territory, IMF figures shows government's revenue, expenditure, and net lending (+)/ borrowing (-) as percentage of GDP and in current USD, calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. [13] Sorting is alphabetical by country code, according to ISO 3166-1 alpha-3.
Reuters reported last week that the World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its board meeting on June 28, out of which $200 million will be ...
Sri Lanka's savings rate is undermined by government dis-saving (the revenue deficit), which rose from 1.2 to 2.7% in 2019. [126] There are attempts to improve Sri Lanka's "Ease of Doing Business index' (Sri Lanka stood at 111 for 2018 down from 85th in 2014) and the overall tariff structure.
The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
The PUCSL was established by the Public Utilities Commission of Sri Lanka Act, No. 35 of 2002, and has authority for the execution of its duties through this Act, as well as through those established for organizations, agencies and corporations involved in providing public utilities in the country. [3]
Sri Lanka has seen external instability from around late 2014 suffering two currency crises and low growth with the rupee falling from 131 to 182 to the US dollar by 2018. [6] Foreign debt rose from 30% of gross domestic product in 2014 to 41.3% in 2019 while total debt went up from 76% to 86% as growth slowed amid [ 7 ] Sovereign bond ...