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Year 2019 Fiscal PositionPresident: Gotabaya Rajapaksa
Sri Lanka Debt Dossier 2019
Easter Sunday attacks hit tourism revenue; late 2019 massive tax cuts (VAT 15% to 8%) severely diminished revenue.
Total Debt StockRs. 13,031.5 B
USD Equivalent$71.9 B
Debt / GDP %86.8%
Interest / Revenue45.9%
Inherited Debt Disclaimer
IMPORTANT: Government debt is cumulative. Outstanding public debt in any given year includes borrowing accumulated across all prior administrations. Inheriting existing debt is distinct from issuing new net borrowings.
Political & Fiscal Leadership (2019)
- Executive President:Gotabaya Rajapaksa
- Prime Minister:Mahinda Rajapaksa
- Minister of Finance:Mahinda Rajapaksa
- Population (Est):21.8 Million
Why Debt Changed in 2019
Significant reduction in tax base (PAYE, NBT abolished) created a fiscal deficit of 9.6% of GDP.
Major Borrowing / Credit Events:
- US$ 4.4B Record Annual ISB Issuances
Authoritative Verification Sources
CBSL Annual Report 2019(CENTRAL_BANK)
Verify at www.cbsl.gov.lk