Sri Lanka has upped Treasury guarantees in 2012 and has announced plans to increase such spending in the future, helping the state deficit spend without expanding the officially defined budget gap and the debt ratio.
Up to the third quarter of 2012 the Treasury has also issued guarantees of 289 billion rupees or about 3.8 percent of GDP estimated for 2012, to various state agencies and some private firms. Financial Year
Sri Lanka has a debt to gross domestic product (debt to GDP) ratio of about 80 percent, down from over 100 percent a decade ago. Budget Deficit
Over the first three quarters of 2012 83 billion rupees of new guarantees or about 1.1 percent of GDP have been issued to domestic banks for state entities to borrow.
Another 23 billion rupee guarantee had been given to a Dubai based bank for a loan given to SriLankan Airlines.
In addition to commercial enterprises, entities such as the Road Development Authority which traditionally received direct subventions from the Treasury have also started to borrow from commercial banks, including private ones.
Reda More: lankabusinessonline.com
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