According to the National Audit Office, Sri Lanka’s public debt has risen to 104.6% of GDP.
The information was revealed in a National Audit Office report on its investigations into Sri Lanka’s financial management and state debt controls from 2018 to 2022.
According to the report, public debt, which stood at 86.8% of GDP as of December 31, 2019, had increased by 17.8% in the previous two years.
Since the end of 2019, neither the Central Bank of Sri Lanka nor the Ministry of Finance have taken effective steps or given the problem enough thought, according to the National Audit Office. This is due to credit rating agencies gradually lowering Sri Lanka’s credit rating.
According to the report, the amount of debt per capita in Sri Lanka has continued to rise, increasing by 257% in 2021 compared to 2010.