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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Every Lankan shoulders Rs.300, 000 debt: CBSL data

Every Lankan shoulders Rs.300, 000 debt: CBSL data

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The average national debt shouldered by each Sri Lankan has risen by 25% to reach Rs. 308,171 (US $ 2,371), from end of last year’s Rs.245, 980 (US $ 1,892), the monthly economic statistics released by the Central Bank of Sri Lanka (CBSL) showed.

Referred to as ‘Debt Per Capita’, in economic terms is calculated as total outstanding government debt divided by the mid-year population of an economy. According to the latest figures by the Department of Census and Statistics, the population in 2012 is 20,277,597.

The total outstanding government debt which stood at Rs. 5,133 billion last December increased by Rs. 1,115.6 billion to reach Rs.6,248.9 billion during the first eight months of this year. The total domestic debt increased by Rs. 449 billion, up 16 percent to reach 3,253 billion and foreign debt by Rs. 666.5 billion, up by 28.6 percent to record Rs. 2,995.8 billion during the period.

According to economists, high debt cost amid slow growth in export earnings (8.3% YoY) against growth in imports (11.2% YoY) in the first nine months could lead the country in to a foreign debt trap situation, as the country might opt for foreign borrowings to service earlier debt, and as a result the foreign debt servicing cost (capital + interest) is also expected to surge substantially.

The Budget 2013 projected a fiscal deficit of 5.8% of GDP proposing to rely heavily on domestic sources (83% of total deficit which amounts to Rs.507.4 billion) to finance the deficit while Rs.143 billion and Rs.445 billion is expected to be incurred as capital repayment and interest respectively.

Nevertheless according to the budget 2012, the government has exceeded the borrowing target for the full year which was Rs. 1,104 billion. This demonstrates the poor fiscal performance where the budget deficit reached to 6.44% of GDP last September whereas the full year target is to achieve 6.2%.

On the banking sector, based on economic indicators released for October 2012 by CBSL’s Statistics Department, the total loans & advances of commercial banks have grown by 26.5 percent YoY in September to reach Rs.2, 205 billion. This is a reduction from the 28.5 percent YoY growth in August.

The banking sector credit grew at a rapid pace in 2011 above 34% and as a result interest rates were raised and 18% credit ceiling was imposed in February 2012 to contain growth and avoid the overheating of the economy. However in a surprised move, CBSL last week cut policy rates by 25 basis points and announced the lifting of the credit ceiling by the year end to probably oil the wheels of economic growth.
http://www.dailymirror.lk/business/other/24487-every-lankan-shoulders-rs300-000-debt-cbsl-data-.html

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Govt should give priority To Increase Exports

Mr Athulathmudali said "Export or perish"

But govt is giving priority to unnecessary problems such as Impeachment
and say International coup

"AHAKA INNA NAY ALLAGENE REDDE ASSE DAGENA KEGAHANAWA"



Last edited by D.G.Dayaratne on Mon Dec 24, 2012 12:18 pm; edited 1 time in total (Reason for editing : Typing Mistake)

Backstage

Backstage
Moderator
Moderator
No wonder my shoulders are drooping these days ! , I thought it was early onset of osteoporosis .

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
http://www.brillig.com/debt_clock/
Sri lanka Rs. 300,000
Each citizen share around $ 52,000 ( Rs. 7,000,000 ) ........

Just a comparison. I dont know the Net figure since US is a huge lender to the world. i Think this is a net figure.

US Per capita income is $ 48,000 and the Debt is $ 52,000.......
Sri lanka Per capita income % 2,800 and debt is $ 2,300.....

I just compare with a great USA.

May be a crap comparison. i always like to compare with other countries,,,,,,,,

ranferdi

ranferdi
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Wonder of Asia.. on the way.. Pathetic...

http://::::THIS EMAIL DOESNT WORK.. PLEASE CONTACT ME ON FB ACCO

ranferdi

ranferdi
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Arena wrote:http://www.brillig.com/debt_clock/
Sri lanka Rs. 300,000
Each citizen share around $ 52,000 ( Rs. 7,000,000 ) ........

Just a comparison. I dont know the Net figure since US is a huge lender to the world. i Think this is a net figure.

US Per capita income is $ 48,000 and the Debt is $ 52,000.......
Sri lanka Per capita income % 2,800 and debt is $ 2,300.....

I just compare with a great USA.

May be a crap comparison. i always like to compare with other countries,,,,,,,,

USA is spiraling downwards.. Do we really have to compare with them?? It's better to compare with other Emerging Markets.
Simple example a bank will not give a credit card below a Certain SAlary Limit (say 20,000), But for someone who gets 25,000/= bank will give a card with a limit of Double salary.

I think we are too small and its not good for the health of economy to go for heavy debt. Instead we have to go for slow but steady progress.

http://::::THIS EMAIL DOESNT WORK.. PLEASE CONTACT ME ON FB ACCO

Backstage

Backstage
Moderator
Moderator
I wonder what that figure is ? from say 1900 to 2013. Any stat guys in the house ?

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Yep i agree...

I had only the USA details. as per my knowledge Japan also has a 200% + debt ratio to GDP. Any way.........
We need more and more credits. That is no doubt. The issue is how we use those ??????????????
All most all the countries are like this men. no miracles in economies. Even though Singapore is one of the best economy, they have the wost unsatisfied youth population in the world. ( Recent research )

So who says they are doing well. Just make your personal financial statements better. Just build a good Personal balance sheet your self. No point of blaming the economy.

Mr. Dharmadasa bought best lands in Sri lanka during the 2nd world war era........And while japan was bombing Mr. Dharmadasa did the land collection.......Does any body need any other inspirational story ??????

Just my ideas and i am always very positive.
Only issue is there politicians create stories in both way. But they do the needful to uplift their Personal wealth. It doesnt matter they have the power or not.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Borrowings are essential source of funds for the development of any country specially in Asian developing countries. Its value is enhanced that such borrowings are made at reasonable rates.

Also, a substantial part of such funds should be used for export oriented enterprises which generate the revenue for the repayment of principal & interest in the long run, adding export revenue to the country.

It is true that there is an indirect return to the economy utilizing the major part of funds for infrastructure projects, transportation, shipping & storage facilities etc...but at slower phase of contribution than light industries revenue...

Moreover, saving at least from 50% from wastage,inefficiencies & corruptions can uphold the living standard of people below the poverty line.

Per capita income published by CB is in general norm & it does not show the true picture of income distribution among people.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Arena wrote:Yep i agree...

I had only the USA details. as per my knowledge Japan also has a 200% + debt ratio to GDP. Any way.........
We need more and more credits. That is no doubt. The issue is how we use those ??????????????
All most all the countries are like this men. no miracles in economies. Even though Singapore is one of the best economy, they have the wost unsatisfied youth population in the world ........ ( Recent research )
.....


Thanks for your comment.

My observations about 300,000 on shoulder :

I do not think this an alarming figure to panic or shout since our Per cap Income is in rise.
Only good for political gallery.

http://www.indexmundi.com/facts/sri-lanka/gni-per-capita

අපි පොඩි කාලේ anti- UNP වේදිකා වල මහා ලොකුවටම බෙරිහන් දුන්න එකක් තමයි JR මෙරටේ හැම දරුවෙක් පවා විදේශයට රුපියල් 20,000 ක් ණය කරලා කියන එක.

රු 20,000 ඒ කාලේ මහලොකුයි. ඇහුවම බය වෙන ගානක්. සාමාන්‍ය මාසේ වැටුප රු 600 පමණ.
ඒ කාලේ රටේ එක පුද්ගල අදායම (1981 දී) ඩොලර් 300 යි . ඩොලර් 1 = රු. 15.50

ඉතින් අපේ රටේ ගොඩක් අය, අපි හැමෝම හිතුවේ JR කරපු වැඩෙන් අපි ලොකු වෙන කොට මේ රට ණය ගෙවා ගන්න බැරුව විනාස උන අන්ත දුගී දුප්පත් ඉතියෝපියාවක් වෙයි කියල.

දැනට ඇති එකම වෙනස ඒ බැනපු අය අද බැනුම් අහනවා - එදා බැනුම් අහපු අය දැන් බනින වා :-)

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Excellent posting of Chinwi

Most important thing is How we use Foreign Loans

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