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The Desirability of Domestic Debt Restructuring
(Colombo: Verite Research, 2022-10)
Sri Lanka faces a challenge to emerge from the continuing economic crisis of unsustainable public debt. This paper sets out four important reasons to undertake an early domestic debt restructuring (DDR), by way of reprofiling ...
Sri Lanka’s Imports Were 4% Higher in 2021 When Compared to 2019
(Colombo: Verite Research, 2022-03-03)
Sri Lanka’s Imports have grown by 4%, (USD 700 Million) from 2019 to 2021. One of the main contributors for this growth is the increase in the Medical and Pharmaceuticals imports by 60% which amounts to USD 330 Million. ...
How much Does Sri Lanka Allocate for the Defense Sector ?
(Colombo: Verite Research, 2022-02-03)
The allocation for the Ministry of Defense is significantly higher than the allocation for Ministry of Health over the years in Sri Lanka. Over the last two years allocation for Ministry Defense has been more than doubled. ...
Sri Lanka Has The Highest Inflation Amongst South Asia Peers
(Colombo: Verite Research, 2022-04-26)
Sri Lanka, amidst facing one of its worst economic crisis, is currently experiencing rapidly rising inflation. The inflation increased to 15.1% year-on-year in February 2022, a 13-year high. When compared against other ...
Sri Lanka’s Short-Term Outflows Exceed Usable Reserves
(Colombo: Verite Research, 2022-02-15)
Sri Lanka’s gross official reserves have been consistently declining since June 2019 and as of January 2022, usable foreign exchange reserves stand at USD 792 Mn, while the twelve-month outflows at end of 2021 stand at USD ...
Shrinking Tax Base Increases Tax Burden on Existing Taxpayers
(Colombo: Verite Research, 2022-03-30)
The income tax per person is calculated as the total government revenue from income tax (including PAYE) divided by the total registered taxpayers for income tax which includes Individual Tax Payers and Employees paying ...
Is the Pandemic the Sole Cause for the Depletion in Sri Lanka’s Foreign Reserves?
(Colombo: Verite Research, 2022-03-10)
Sri Lanka’s usable foreign reserves fell from USD 7,642 MN in 2019 to USD 1,579 MN by the end of 2021. When compared with Sri Lanka’s regional peers during the pandemic, the decline in its reserves appears to only have ...
Ownership of Sri Lanka’s Outstanding Foreign Debt in 2020
(Colombo: Verite Research, 2022-02-15)
Sri Lanka owes approximately 40% of its total central government debt to foreign creditors in the form of bilateral debt, multilateral debt and financial markets. The infographic shows the distribution of ownership of the ...
Relief Package: What it Entails and How Will it be Financed?
(2022-02-01)
In response to rising living cost with inflation rate of 12.1%1 in December 2021, the cabinet of ministers approved a relief package amounting to LKR 229 billion on the 3rd of January 2022. The following infographic depicts ...
Sources of Financing for Top 5 Ministries That Received the Highest Allocation in the 2022 Budget
(2022-01-25)
Based on the 2022 approved Budget estimates in 2020, 87% of government expenditure was financed via domestic sources and 13% was financed via foreign sources. In 2021 91% of expenditure is estimated to be financed domestically ...