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The 2024 budget document submitted by the Sri Lankan government to parliament shows that the deficit target has been adjusted to 2.85 trillion rupees, higher than the previous 2.4 trillion rupees. Next year’s deficit will account for 9.1% of GDP, an increase from 8.5% in 2023. The original deficit target was 7.9%.
Sri Lanka’s economy is showing signs of recovery thanks to a US$29 billion aid from the International Monetary Fund (IMF). However, the IMF has warned of revenue shortfalls and backed a 12% deficit cut in a four-year plan.
(Source: Reuters Image source: freepik)
