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Government borrowing fell 30.7% in the first four months of this year due to a sharp fall in foreign loans, data from the finance ministry showed on Tuesday.
The total gross borrowing has fallen to Rs. 577.05 billion ($ 4.31 billion) in the first four months, compared with Rs. 832.82 billion in the same period a year earlier.
Foreign borrowing on a net basis plummeted 86.3% to Rs. 36.76 billion in the first four months.
The ministry released the data after the opposition criticised the government for the state of the economy after some local media reported the borrowing figures incorrectly.
Finance Minister Ravi Karunanayake on Tuesday urged the parliament speaker to probe the incorrect media reports as they have given wrong picture of the new government’s economic performance.
Courtesy:Daily Financial Times 24 June 2015
The total gross borrowing has fallen to Rs. 577.05 billion ($ 4.31 billion) in the first four months, compared with Rs. 832.82 billion in the same period a year earlier.
Foreign borrowing on a net basis plummeted 86.3% to Rs. 36.76 billion in the first four months.
The ministry released the data after the opposition criticised the government for the state of the economy after some local media reported the borrowing figures incorrectly.
Finance Minister Ravi Karunanayake on Tuesday urged the parliament speaker to probe the incorrect media reports as they have given wrong picture of the new government’s economic performance.
Courtesy:Daily Financial Times 24 June 2015