Inflation ( CCPI)1.7% (June 2024)
GDP5.3% (1Q 2024)
Unemployment4.3% (4Q 2023)
3M T-Bill Rate9.14%
12M T-Bill Rate9.95%
2Y T-Bond Rate10.10%/ 10.20%
4Y T-Bond Rate11.60% / 11.70%
USD/LKR303/304
Reserves $5.6Bn (June 2024)
Cum. Trade Deficit $2,180 Mn (May 2024 cumulative)
Cum. Fiscal DeficitLKR 361Bn (April 2024)

Sri Lanka seems to have cut down expenditure substantially in 2023, lower than IMF projection

IMF & Sri LankaNov 14, 2023
Sri Lanka seems to have cut down expenditure substantially in 2023, lower than IMF projection

The budget 2024 indicates Sri Lanka managed to cut down the expenditure by 9.7% of its estimation in budget 2023. This is a substantial achievement at the expense of cutting down the public investments. It is also lower than 7.5% of the IMF projection.

However, the Government has allocated LKR 450Bn of expenses for banks’ recapitalization, the fourth-highest expenditure of the budget 2024. As a result of this expenditure, the budget total expenditure has exceeded the IMF projection by 5.8%.

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