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Public Report on the 2021 Budget: Assessment on whether the expenditure allocations and taxation policies are in line with the government’s policy

This is the second report in a series of two reports on Sri Lanka’s central government budget for the year 2021. The report assesses whether the expenditure allocations and taxation policies are in line with the government’s policy.

Incorrect accounting measure understates significant increase in government expenditure in 2020

The government expenditure for 2020 is LKR 3,340 billion (23.1% of GDP) while the expenditure for 2019 remains at LKR 2,915 billion (19.4% of GDP). These figures differ from th...

2020 Records the Highest Budget Deficit Since 1982

The budget balance for 2020 is -LKR 2,090 billion (-14.0% of GDP) while the budget balance for 2019 remains at -LKR 1,016 billion (-6.8% of GDP). It is important to note that this is the first time the budget deficit has increased to...

The government spent only 6% of the Itukama COVID-19 fund balance

On the 23rd of March 2020, President Gotabaya Rajapaksha initiated the “Itukama” COVID-19 Healthcare and Social Security Fund. The fund’s purpose was to “strengthen the mitigation activities aimed at controlling the s...

Decline in government revenue for 2020

According to the Central Bank Annual Report for 2020, government revenue has declined by 3.4% of GDP – the largest decline in the past decade.Government revenue for 2020 amounted to LKR 1,373 billion. This is a decline of LKR 526...

Government Debt Has Surpassed 100% of GDP

According to the recently released Central Bank Annual Report for 2020, public debt as a share of GDP in Sri Lanka has increased to 101%.

How Much Does Sri Lanka Spend on its Overseas Diplomatic Missions?

Sri Lanka’s expenses on foreign missions has seen a natural increase over the years, with over 50% of those expenses being towards personal emoluments of staff serving in foreign missions. These personal emoluments include salaries and...

Where did Sri Lanka borrow from in 2020?

In 2020, China was the largest lender to Sri Lanka. But has this always been the case?Between 2015 – 2019, Sri Lanka relied heavily on International Sovereign Bonds as a source of financing.

Has the Government Fulfilled its Policy Promises in the Health Sector Through the 2021 Budget?

The National Policy Framework: Vistas of Prosperity and Splendour is the government’s official policy document. As such, the government is bound to implement the policies mentioned in this policy document. For the majority of...

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