Public debt to GDP surges to 104%

Public debt to GDP surges to 104%

Public debt to GDP surges to 104%

Written by Amani Nilar

14 Aug, 2022 | 10:27 am

COLOMBO (News 1st); Sri Lanka's Pubic Debt had surged to 104.6% of GDP, states the National Audit Office.

The data was revealed in a report published by the National Audit Office on its investigations into Sri Lanka's Financial Management, and State Debt Controls from 2018 – 2022.

The report highlights that Public Debt which was 86.8% of GDP as of 31st December 2019, had shown an increase of 17.8% within the last two years.

The National Audit Office has observed that neither the Central Bank of Sri Lanka nor the Ministry of Finance has taken effective measures or given any due consideration to alleviate the situation regarding the gradual downgrading of credit ratings by agencies since the end of 2019.

The report shows that the amount of debt per capita in Sri Lanka has continued to grow and it has grown by 257% in 2021 compared to the year 2010.

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