Sri Lanka promises fiscal discipline

The country aims to cut its fiscal deficit to 4% over the medium-term.

Sri Lanka’s Finance Minister Mahinda Rajapaksa said on Tuesday the country aimed to more than halve its fiscal deficit over the medium term, from an expected 9% next year following the novel coronavirus pandemic.

Presenting the 2021 annual Budget, Mr. Rajapaksa, who also serves as Prime Minister, said Sri Lanka will aim to cut its fiscal deficit to 4% over the medium-term, without specifying an exact time period, from the 9% foreseen in 2021.

“This is a development budget presented to elevate an economy that has been shattered,” he told lawmakers.

Growth was projected at 5.5% for 2021, he added.

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