Sri Lanka targets to reduce budget deficit to 8.8% in 2022

Sri Lanka expects to reduce its budget deficit to 8.8 percent of the Gross Domestic Product (GDP) in 2022, down from the 11.1 percent deficit estimated for 2021.

The total revenue for the year 2022 is expected at Rs.2, 284 billion, which includes both tax revenue and grants.

The government expects to raise Rs.2, 274 billion as tax revenue in 2022 compared to Rs.1, 556 billion estimated for 2021.

Total expenditure for 2022 is estimated to be Rs.3, 912 billion, up from estimated Rs.3, 387 billion in 2021.