Sunday, February 5, 2023
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Govt’s efforts to put the economy on track gain ground  

Sri Lanka’s economic death spiral just spinning with ever increasing domestic and foreign debt despite the government’s efforts to put the monetary and fiscal policy vehicle on track from its wilderness in the past two years.

Government’s efforts to accelerate fiscal reforms to bring back economic stability, and a stable administration on the directions of President Ranil Wickramsinghe are about to bear fruits despite sabotage attempts of interested parties.

According to Central Bank’s weekly report on economic indicators outstanding government debt increased to Rs. 2.47by end August 2022 from Rs. 1.76 trillion as at end 2021. By end August 2022, total outstanding domestic debt amounted to Rs. 1.31 trillion  while the rupee value of total outstanding foreign debt amounted to Rs. 1.7 trillion.

Broad money (M2b) expanded by 13.8 per cent, on a year-on-year basis, in October 2022. The reserve money decreased compared to the previous week mainly due to decrease in the currency in circulation.

The reserve money decreased compared to the previous week mainly due to decrease in the currency in circulation.

Net Credit to the Government from the banking system increased by Rs. 135.0 bn in October 2022. Outstanding credit to public corporations increased by Rs. 74.8 bn in October 2022.Outstanding credit extended to the private sector declined by Rs. 46.8 bn in October 2022.

Net Credit to the Government from the banking system increased by Rs. 135.0 bn in October 2022.Outstanding credit to public corporations increased by Rs. 74.8 bn in October 2022.

Outstanding credit extended to the private sector declined by Rs. 46.8 bn in October 2022The reserve money decreased compared to the previous week mainly due to decrease in the currency in circulation.

The total outstanding market liquidity was a deficit of Rs. 384.810 bn by the end of this week, compared to a deficit of Rs. 401.310 bn by the end of last week.

Weekly AWPR for the week ending 02 December 2022 decreased by 178 bps to 27.89 per cent compared to the previous week.

During the year up to 02nd December 2022, the Sri Lankan rupee depreciated against the US dollar by 44.8 per cent.

During the eight months ending August 2022, government revenue and grants increased to Rs. 1.27 trillion compared to Rs. 943.6 bn recorded in the corresponding period of 2021.

During the period from January to August 2022, total expenditure and net lending increased to Rs. 2.38 trillion compared to Rs.2.06 trillion recorded in the corresponding period of 2021.

During the eight months ending August 2022, overall budget deficit declined to Rs. 1.11 trillion compared to Rs. 11 trillion recorded in the corresponding period of 2021.

During the eight months ending August 2022, domestic financing decreased to Rs.1.16 trillion compared to Rs. 1.30 trillion in the corresponding period of 2021.

Foreign financing recorded a net repayment of Rs. 50.4 bn during the period from January to August 2022, compared to the net repayment of Rs. 183.1 bn recorded in the corresponding period of 2021.

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