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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » End September budget deficit 6.44% of GDP

End September budget deficit 6.44% of GDP

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K.Haputantri

K.Haputantri
Co-Admin
End September budget deficit 6.44% of GDP
* Overshoots full year target as expenditure grows almost twice as fast as revenue
* Borrowing targets exceeded
December 9, 2012, 7:02 pm
The Island

The budget deficit as a percentage of GDP for the first nine months of this year reached 6.44 percent, exceeding the full year’s target of 6.2 percent, as government expenditure grew nearly twice as fast as revenue growth, latest data released by the Central Bank showed.

Tax revenue grew 6.55 percent year-on-year to Rs. 629.5 billion during the first nine months of this year. Non tax revenue reached Rs. 81.8 billion growing 16.19 billion while grants surged 48.48 percent to Rs. 14.4 billion.

Total revenue and grants reached Rs. 725.7 billion during the nine months period, up 8.16 percent from a year earlier.

Recurrent expenditure grew 9.07 percent to Rs. 851.8 billion while capital expenditure increased by 31.84 percent to Rs. 356.9 billion.

Total government expenditure was up 14.93 percent to Rs. 1,208.7 billion.

The budget deficit for the period January to September 2012 reached Rs. 483 billion, a 26.87 percent increase from the previous year. As a percentage of GDP, this deficit stood at 6.44 percent, as against 5.81 percent a year ago.

The government has assured that it would stick to the 6.2 percent of GDP budget deficit target this year, but analysts are sceptical.

"This year we are struggling to keep fiscal policy on track," Deputy Secretary of the Ministry of Finance and Planning Dr. B.M.S. Batagoda told a group of leading economists and other professionals last month. "We have already taken steps to increase tax revenue and cut down on expenditure because we want to meet the budget deficit target for this year".

He said the government would make an effort to collect levies and dividends from state owned enterprises and limit expenditure by differing infrastructure development projects that were to commence towards the latter stages of this year.

The government’s total outstanding debt stock as at end September reached Rs. 6,262 billion, an increase of 23.52 percent from a year earlier. Domestic debt grew 16.15 percent to Rs. 3,280.4 billion while foreign debt grew 32.79 percent to Rs. 2,981.5 billion.

Total outstanding government debt grew by Rs. 1,128.6 billion during the first nine months of this year. According to the 2012 budget, the government’s borrowing limit for the full year is Rs. 1,104 billion.

According to the 2012 budget, the government’s debt requirement for 2012 was Rs. 776.2 billion from domestic sources and Rs. 327.8 billion from external sources. However, by end September 2012, the domestic debt component grew by Rs. 476.2 billion from end December 2011 while foreign debt increased by Rs. 652.2 billion.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What is the reference material available at Central bank website to refer the detailed status of foreign debts, duration, debt servicing cost & repayment schedules, international grants given etc....

i believe that such information is open for everyone without limitation for reading purpose... Kindly provide the source...Thanks

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Overshooting the budget deficit is not something we need to worry.
There are few simple solutions for that.

1. Print money
2. Issue $ bonds.
3. Borrow money from cash rich government funds/institutes.
4. Worse case we can ask some help from IMF.

Problem solve Smile (temporarily)

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Another factor need to consider is Why we take loans. Is it for day to activities, Capital expenditure or for corruption as every body complains.........

Taking loans for Capital expenditure is good.........

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Amal Mudunkotuwa wrote:Another factor need to consider is Why we take loans. Is it for day to activities, Capital expenditure or for corruption as every body complains.........

Taking loans for Capital expenditure is good.........

Most of the time they are paying back the loans and interest incurred from the past. Capital expenditure is not the big slice of the loan.(Taking out the commission and santhosam)

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I dont think Gov. Can construct these highways, Ports, Road dev. railway, and new Air port.......( Colombo port , Katunayaka Air port ) without loans.

Commission and the santhhosam is the main issue. I dont know who will do these things with out those craps........

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Bribery and corruption is not something unusual in a 3rd world country. Like or not unfortunately we have to live with it.

But what matter the most is, the percentage goes out to satisfy the corruption. Sadly the percentage is not going to reduce but increase. Also one thing for sure, black money does not circulate as how it used to be and that clearly indicates that very few people get the majority.

Just to make the general public happy, this government is in a process to increase the inefficient government sector jobs.

Majority of Sri Lankans also believe any government should not privatise the loss making government institutes (less than 50%). They believe these institutes can be turn around to make profits but history tells a different story.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Bribery & corruption are not unusual event in all countries. Asian & African countries fall to the highest percentage of such malpractices where authoritative power, dictatorship & totalitarianism prevail.

Top privileged community representing a very small percentage of entire population utilizes such black money to grab the power or bribe the rulers in freeing from legal aspects.

Borrowings are heavily used for infrastructure development activities specially for road & construction activities where politicians believe it is an essential process for country's development program in turn, contractors, sub contractors & relative parties are benefited.

Part of the borrowings are to be directed to export oriented schemes promoting agricultural & industrial products that could be helpful in repaying the debt servicing cost & loan installment. This is the most neglected area.





chandikahw


Stock Trader
As is correctly mentioned, bribery and corruption prevails in any developing nation, though, I am not going to justify them. However, the biggest problem here today is that they are executed by almost all high level ppl in the country, be they politicians or officials. Bribery gets the unofficial endorsement By high ppl. Most alarmingly, law seems to be not directed to punish those wrong doers.

The only way that Sri Lankan economy can develop is by increasing exports and decreasing imports. But, the problem is, how can we achieve this with very high interest rates and undue government intervention for all sectors. Ideally, the state should do away from all businesses, and assume the duty of a stern regulator.

A word about borrowings and the fiscal deficit, the dangerous trend is that total revenue is in adequate to settle recurrent expenses. Such an economy is never going to be sustainable!

So, dear friends, whether u like it or not, the truth on our side is the market activity will further reduce, despite optimism by investment advisers. BITTER TRUTH!!!

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