budget deficit Archives - Ceylon Independent

Cost reflective pricing formula for fuel, electricity this year: CB Governor

24Jan

By Faraz ShauketalyNo Comments

Business

Cost reflective pricing formula for fuel, electricity this year: CB Governor

Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy says the government will introduce a cost reflective pricing formula for both fuel and electricity this year. The IMF said in its latest report that domestic prices of fuel and electricity are expected to be determined by a formula introduced in March and September this year. “Over 90% of CPC, CEB losses are due to the fact that they subsidized fuel and electricity. Government forces them to sell at an administrative price below cost but yet it doesn’t compensate them for subsidies,” Coomaraswamy said. “Successive governments have been very clever in parking the budget deficit in the CEB & CPC and subsequently get transferred onto the balance sheets of the state banks. It is a highly distortionary thing that has been goin...

Sri Lanka records Rs 22 b surplus in the Budget Primary Balance for the first time in 63 years

Due to efficient management of the State revenue and expenditure, the government has been able to achieve Rs 21.9 billion surplus in the primary balance of the fiscal accounts during the first ten months of the year 2017 which is for the first time in the last 63 years, Ministry of Finance and Mass Media said in a statement. According to the Ministry of Finance and Mass Media, in the post independent Sri Lankan history a surplus in the budget deficit was first recorded in the year 1954 as 0.5 percent of the GDP. Later in 1956 this budget surplus had increased to 2.2 percent of the GDP. In the meantime the surplus in the current account was registered from 1950 to 1970 and later from 1973 to 1994. Since then up to now overall budget deficit, deficit in the current account and the defi...

Rs. 21.9 bn budget surplus recorded in first ten months of 2017

A budget surplus of Rs 21.9 billion has been recorded during the first ten months of 2017, the Finance Ministry says. The Ministry has said that the government's total revenues in the first ten months of 2017 have surpassed the total government expenditure resulting in a budget surplus after 33 years. According to the Finance Ministry the budget gap was negative in every year between 1994 and 2016. In 2016 the budget deficit was Rs. 37 billion, the Finance Ministry reports.