Sri Lanka’s budget deficit down 63.8 percent in Jan-May

COLOMBO, July 30 (Xinhua) — Sri Lanka’s budget deficit was reduced by about 63.8 percent in the first five months of this year compared to the corresponding period of last year, said a state minister on Tuesday.
State Minister of Finance Ranjith Siyambalapitiya told media that the budget deficit stood at about 1,014 billion Sri Lankan rupees (3.3 billion U.S. dollars) for the period from January to May in 2023, and it has come down to about 366 billion Sri Lankan rupees (1.2 billion dollars) in the same period this year.
According to the official, the Sri Lankan government was able to achieve this result because of the implementation of proper economic policies.
Sri Lanka’s government debt stock was reduced by over 800 billion rupees (2.6 billion dollars) from December 2023 to April 2024, the state minister said earlier.
Sri Lanka recorded an economic growth rate of 5.3 percent for the first quarter, compared to a 10.7 percent contraction a year earlier, official data showed. ■