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In December 2019, Sri Lanka's newly elected government cut taxes in a fiscal stimulus, sharply lowering state revenues and followed up in the first quarter of 2020 with policy rate cuts which were enforced by large scale money printing, unleashing unprecedented volumes of liquidity in to money markets. [8]
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]
Global map of total central government revenues, as share of GDP, 2022 [1] Global map of total central government expenditures, as share of GDP, 2022 [2] This is the list of countries by government budget. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
Government of Sri Lanka: Headquarters: The Secretariat, Lotus road, Colombo 1 Minister responsible: Prime ... economic policy and long term fiscal planning.
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.
Taxation in Sri Lanka mainly includes excise duties, value added tax, income tax and tariffs. [1] Tax revenue is a primary constituent of the government's fiscal policy . The Government of Sri Lanka imposes taxes mainly of two types in the forms of direct taxes and indirect taxes.
A deficit occurs when a government's expenditures exceed revenues. [ 3 ] [ 1 ] : 79–82 In the list below, government debt is measured for the general government sector because the level of government responsible for programs (for example, health care) differs across countries, and the general government comprises central, state, provincial ...
The Constitution of Sri Lanka has been the constitution of the island nation of Sri Lanka since its original promulgation by the National State Assembly on 7 September 1978. It is Sri Lanka's second republican constitution and its third constitution since the country's independence (as Ceylon) in 1948, after the Donoughmore Constitution ...