Minister Gunawardane exposes lack of compliance on fiscal management laws
…. the Fiscal Management Responsibility Act No. 3 of 2003…had three main goals…to maintain the budget gap below 5%..... reducing public debt as a percentage of GDP to 65% by 2013, that is, in 10 years…. reducing the amount that the government guarantees when borrowing to 4.5% of GDP…..today the budget gap is at levels such as 10%, 12%, and the amount of public debt has gone up to more than 125% of the GDP. The guarantee for public debt has gone up to 15%...
Official YouTube Page of the Department of Government Information | May 9, 2023
Posted on: 8 June, 2023
MP De Silva exposes EPF & ETF exposure to govt bonds
The majority of Sri Lanka’s domestic debt is in treasury bonds. We have [almost 9,000 billion] worth of treasury bonds….44.5% of that is in banks….43% was borrowed from EPF & ETF
Daily FT | April 20, 2023
Posted on: 25 May, 2023
President makes ambiguous claim on debt restructuring
Programme financing gaps: debt service reduction during 2023-27 should be sufficient to close external financing gaps. Under staff baseline scenario, US$17 billion in debt service reduction is required, including the arrears accumulated in 2022 So, we are trying to get a 17 billion debt reduction on that side. Do you want it or not.
Parliament Hansard | April 26, 2023
Posted on: 18 May, 2023
Minister Nanayakkara right on the rise in remittances
Sri Lankan migrant workers’ foreign remittances increased to US$ 568.3 million in March 2023 from US$ 318.4 million in March 2022. This is a 78.5% (US$ 249.9 million) increase compared to the inflows recorded in March 2022.
Official twitter page of Manusha Nanayakkara | April 6, 2023
Posted on: 11 May, 2023
MP Weerawansa makes spurious case against the IMF
The total export income has reduced by almost 10% this year when compared to last year. This is a huge reduction. Therefore, it is clear that the economic strategy the government is following under the guidance of the IMF is not providing a remedy to bring this patient named “the economy” - who is in the ICU - out into at least a normal ward.
Official Facebook Page of Wimal Weerawansa | April 3, 2023
Posted on: 4 May, 2023
CBSL Governor corrects the record on “money printing”
The total base money printed in 2021 was Rs. 344 billion, whilst the net basis reserve money issued in 2022 was below Rs. 40 billion.
Daily FT | February 11, 2023
Posted on: 27 April, 2023
Minister Premajayantha inefficient in claiming efficiency of IMF process
On previous occasions, we obtained money from the IMF after pledging to fulfil their conditions...this time round, we had to first fulfil those conditions to obtain assistance. It was only Sri Lanka that was able to obtain that support [IMF assistance] in 7 months.
Parliament YouTube channel | March 21, 2023
Posted on: 20 April, 2023
State Minister Siyambalapitiya’s tax paying labour force numbers don’t work
Only 120,965 persons or 2.6 percent of the labour force, who are earning over Rs.100,000 per month, are subjected to the PAYE tax.
Daily Mirror | February 11, 2023
Posted on: 16 March, 2023
President right on reduction in registered tax files
In 2019, there were 1.5 million income tax files in total…when we abolished the PAYE tax, in December 2021, we [only] had 400,000 income tax files. It reduced from 1.5 million to 400,000.
President’s Media Division | January 28, 2023
Posted on: 9 March, 2023
AKD mistakes disparity in total economic activity as disparity in individual participation
Today, 36% of our country’s national wealth is generated from the Western Province. The North Central Province’s contribution to our country’s national wealth is 5%. The contribution of the North Western Province is 9%. The benefits of the economy flow to the people to the extent that they participate in the economy… The rural poor have not got a chance to join the economy.
Aruna | January 26, 2023
Posted on: 2 March, 2023
State minister Siyambalapitiya short on facts on import shortages
…It is because this step was taken [ban imports on certain items] that essential items such as fuel, medicine and fertiliser can be imported without any shortages…
Newswire | January 26, 2023
Posted on: 23 February, 2023
President directs attention to low direct taxes
In other countries, most of the taxes are collected from a higher income bracket. In 2021, in India – 50% direct tax…Bangladesh – direct tax 32%...Nepal – direct 31%....69%. Indonesia – direct tax 40%...Vietnam – direct tax 31%...Thailand – direct taxes 37%...Malaysia – direct tax 66%...However the situation in our country is different. In 2021, our direct tax was 21% while indirect was 79%. We should take action to rectify this tax divergence. Then, the tax burden on the general public will be reduced.
The government’s policy statement from the President’s Media Division | February 8, 2023
Posted on: 17 February, 2023
Patali -True on SL’s uneasy equilibrium, false on fuel bill savings
…the current normalcy in the country is at a low-level equilibrium. This is an uneasy equilibrium.... Our normal [monthly] fuel bill stood at US $ 550 million. It has now been cut down to US $ 200 million…
Daily Mirror | January 12, 2023
Posted on: 13 February, 2023
Siyambalapitiya hugely magnifies fiscal difficulties for holding LG elections
In 2022, the government’s revenue and expenditure difference were as high as 256% or Rs. 3,058 billion. [In 2023] The government expect the revenue to be Rs. 3.45 trillion, while the expenditure will go up to Rs. 10 trillion, incurring a deficit of Rs. 6.66 trillion for the year. Thus, financial discipline is indispensable to run the economy.
Daily FT | January 21, 2023
Posted on: 2 February, 2023
MP Abeysinghe unrealistic on revenue estimates being unrealistic
…The  budget presented this time is seeking the highest revenue in the entire history of Sri Lanka. Compared to last year, this year’s revenue shows an increase of 70%. In Sri Lanka, at no point has the revenue increased from year to year by more than 10%, 15% or 20%.... In the history of Sri Lanka have we ever generated a revenue figure that is in the range of LKR 3,000 billion? Every year, the revenue generated has been less than LKR 2,000 billion….
Parliament Hansard | November 21, 2022
Posted on: 20 January, 2023
State minister Siyambalapitiya fails on success of tax collection
We set a target to collect Rs. 915 billion in tax incomes through IRD in 2022. I’m delighted to say that we have been able to achieve 68.4% of this annual target at the end of September, which is in spite of the projected 8.2% contraction of GDP this year.
Daily Mirror | November 4, 2022
Posted on: 8 December, 2022
MP Wickramaratne on SOE losses: right on gross not on net
There are around 430 SOEs. Of these…218 are companies....52 of these are considered to be strategically important SOEs. The loss of strategically important SOEs in 2021 has been LKR 286 billion. By Q2 of 2022…their losses were LKR 966 billion.
Official Facebook Page of the SJB | October 12, 2022
Posted on: 11 November, 2022
President Wickremesinghe lands on his feet on government land ownership
The government being the owner of around 80 percent of land will take measures to facilitate access to land with suitable utilities for domestic and foreign investment.
Interim budget speech (2022) | August 30, 2022
Posted on: 27 October, 2022
MP Siyambalapitiya quite sober on alcohol and tobacco taxes
In 2021, 19% of the total tax revenue was received from tobacco and alcohol.
Daily News | September 21, 2022
Posted on: 20 October, 2022
MP Mahindananda misled by mislabelling in govt. reporting
In the year 2021, there are five hundred and seven thousand income files. Of this, 292,000 are individuals and 68,000 are companies
Parliament of Sri Lanka YouTube Channel | September 8, 2022
Posted on: 13 October, 2022
Minister Gunawardana taxes the facts on problem of revenue
The total tax revenue collected by the government last year  was LKR 1,298 billion. Of that, LKR 1,115 billion alone had to be used to pay the salaries and pensions of state sector employees. Therefore, only LKR 153 billion remained to be used for anything else.
Facebook Page of the Department of Government Information | August 23, 2022
Posted on: 6 October, 2022
CBSL governor good on reduced export of goods
By 2001, export earnings as a percentage of the gross national product stood at around 33%. It is now less than 15%.
Lankadeepa | September 13, 2022
Posted on: 30 September, 2022
MP De Silva on target on difficulty of IMF target
The government had reportedly agreed with the IMF to reach a primary account surplus of 2.3% of GDP by 2025. However, the primary account had dropped to around (6%) of GDP during the tenure of President Gotabaya Rajapaksa...It would be a monumental feat to bring the primary account to a surplus of 2.3% of GDP.
Daily FT | September 5, 2022
Posted on: 22 September, 2022
Hashim right on the trillion on SOE borrowings
By December 2021, government institutions have borrowed more than Rs. 1 trillion.
Divaina | August 18, 2022
Posted on: 15 September, 2022
Minister Gunawardana on track on railways
While Sri Lanka Railways earned a revenue of Rs. 2.6 billion in 2021, it had to pay Rs.7.8 billion just for salaries and wages.
Mawbima | July 27, 2022
Posted on: 8 September, 2022
President Wickremesinghe correct about SriLankan Airlines’ soaring losses
The loss of SriLankan Airlines in the year 2020-2021 alone is Rs. 45 billion. By 31st March 2021, the total loss was at 372 billion.
Lankadeepa | May 17, 2022
Posted on: 2 September, 2022
MP Wickramaratne a little bit over on inflation
Food inflation rose to 57 % from 46.6 % from last month to this month. Within one month, inflation – food inflation – has increased by more than 10%. Our inflation figures have not usually increased by 10% even over a year but today it has increased by that number within a month.
Lankadeepa | June 8, 2022
Posted on: 25 August, 2022
President Wickremesinghe understates the government expenditure
Although the former government’s budget projected a revenue of LKR 2.3 trillion, LKR 1.6 trillion is the realistic projection of this year’s revenue. The estimated government expenditure for this year is LKR 3.3 trillion. However, due to the increase in interest rates and additional expenditure of the former government, the total government expenditure is LKR 4 trillion. The budget deficit for the year is LKR 2.4 trillion.
Daily Mirror | May 17, 2022
Posted on: 10 August, 2022
Deputy UNP Leader Ruwan Wijewardene does no disservice to past debt servicing costs
Some people in the present government say that the country has come to this situation because we [yahapalana government] took loans. 80% of the loans we took were used for settling the loans obtained by Mahinda Rajapaksa’s government.
Daily News | April 27, 2022
Posted on: 28 July, 2022
No credit due for Sabry’s statement on bankruptcy
Some claim that Sri Lanka is a bankrupt country. Bankruptcy is not merely determined by the amount of assets the country has and the amount of responsibilities we have. Our assets are USD 400 billion, and our commitments are USD 47 billion. Therefore, in that sense we are not bankrupt. But what they are referring to is the balance of payment, the dollars required for day-to-day expenses.
Daily News | April 9, 2022
Posted on: 7 July, 2022
CBSL Governor suitably assesses suitability of EFF for Sri Lanka
An Extended Fund Facility (EFF) - which allows longer repayment periods - may be best suited to the country, it typically requires deeper structural reforms.
Daily News | April 19, 2022
Posted on: 16 June, 2022
Sabry over charges past governments on tax collections
It [tax revenue as a percentage of GDP] decreased over time, under all these governments [every government since 1981] and today it has collapsed to a value of 8.7%.
Asian Mirror YouTube channel | May 4, 2022
Posted on: 9 June, 2022
President Rajapaksa cites misleading numbers on past borrowing
Every month we have to repay the loans that previous governments had obtained for various reasons. On ISBs, by 2015, we had only taken out USD 5 billion worth of them. During the time of the previous government, USD 15 billion worth of ISBs were taken out.
Headlinenews.lk | February 26, 2022
Posted on: 26 May, 2022
AKD works out worker remittances
Foreign remittances increased during the first 5 months of 2021. It increased by USD 450Mn. However, it started to drop from the sixth month onwards… This January, it [remittances] reduced by 62%.
Lankadeepa | March 7, 2022
Posted on: 5 May, 2022
Former Governor Cabraal thrice wrong on passing the buck
During 2015-2019, Sri Lanka’s economic growth had collapsed gradually from 7% to 2%. Although foreign debt increased by USD 15 billion, foreign reserves had reduced by USD 1 billion.
News19.lk | March 23, 2022
Posted on: 28 April, 2022
Former Governor Cabraal resoundingly fails in assessing the success of CBSL Road Map
The Six-Month Road Map announced by Central Bank of Sri Lanka (CBSL) last year has proven to be a resounding success with expected inflows materialising.
The morning | March 3, 2022
Posted on: 7 April, 2022
State Minister Jayasekara not industrious on industry contribution to GDP
Industrial sector is in a huge crisis at present, every government after 77’ is responsible for this.... The industrial sector which was at all times 54%, reduced to 27%.
Ada Derana | February 4, 2022
Posted on: 31 March, 2022
Governor Cabraal’s claims on tourism, travels outside the data
Tourism is a 10-billion-dollar industry, and for the last two years we have not been able to enjoy the fruits of that.
Bloomberg | February 18, 2022
Posted on: 16 March, 2022
MP De Silva does not inflate Sri Lanka’s inflation
We [Sri Lanka] have the highest inflation in Asia as of now.
Ada Derana | February 1, 2022
Posted on: 3 March, 2022
No reservations on MP Wickramaratne’s claim on Sri Lanka’s reserves
Compared to 2019 and 2021, the decrease in foreign reserves is 80% in Sri Lanka. But other countries in the [South Asian] region have seen an escalation of their reserves.
Daily FT | January 25, 2022
Posted on: 24 February, 2022
Minister Alahapperuma on track on Sri Lanka’s journey with the IMF
It was in 1950 that we entered into an agreement with the IMF to obtain its membership. As a member country, from 1960 until now, we have carried out certain transactions with the IMF on 16 occasions. I recall that 2.5 billion dollars was obtained in 2008 during President Mahinda Rajapaksa’s tenure. That was the largest loan obtained from the IMF thus far.
Official Facebook Page of the Department of Government Information | January 19, 2022
Posted on: 17 February, 2022
Minister Aluthgamage discredits himself on credit cards and tax files
There are nearly 1,000 tax files in our country. There are over 10 million credit cards in our country. Each credit card holder does transactions of nearly Rs. 1 million to 1.5 million.
Sunday Observer | September 12, 2021
Posted on: 24 November, 2021
Finance minister hugely exaggerates revenue reduction in 2021
Especially due to the COVID-19 pandemic, Rs. 1500-1600 billion has reduced from the revenue that we should have generated during this year alone. That is even higher than the amount we estimated to be the revenue we would generate for sure.
Parliament Hansard | September 7, 2021
Posted on: 10 November, 2021
Former State Minister Cabraal misrepresents Covid-19 expenditure
The Government has spent more than Rs. 700 billion on controlling the COVID-19 pandemic and providing relief to people and that it is exactly half of the overall income of this country last year which was Rs. 1,380 billion…Rs. 50 billion had been spent on low-income earning families receiving Samurdhi allowances, Rs. 90 billion on providing medicines free of charge, Rs. 40 billion on behalf of disabled war heroes, Rs. 250 billion for pensions, Rs. 35 billion for fertiliser subsidies as well as Rs. 70 billion on various types of relief for state institutions running at a loss.
Daily News | August 30, 2021
Posted on: 13 October, 2021
MP Amaraweera oversells cost of salaries and pensions
More than 85% of government revenue goes to pay salaries and pensions to public servants.
Media briefing Department of Government Information | September 1, 2021
Posted on: 7 October, 2021
Minister Rambukwella drinks in the truth of domestic milk production
[Local] milk production is still only around 40 per cent of the total requirement.
Daily News | August 11, 2021
Posted on: 16 September, 2021
Opposition Leader Premadasa estimates bitter decline in sugar tax revenue
Sri Lanka has lost Rs. 20 billion as a result of the sugar scam.
Official Facebook page of Sajith Premadasa | August 27, 2021
Posted on: 9 September, 2021
Minister Pathirana correct only on low diesel prices in Sri Lanka
When compared with the countries in the South Asian region, the fuel price of our country is still lower than that of the other countries in the region. Among the countries in this region, only Pakistan provides diesel at a price lower than Sri Lanka. It is only in Sri Lanka that petrol and...
Parliament Hansard | July 20, 2021
Posted on: 2 September, 2021
State Minister Nishantha wildly off the mark on past GDP growth rankings of Sri Lanka and China
When we handed over the country to the Yahapalanaya government, China had the highest GDP growth rate in the world, and Sri Lanka was second.
Lankadeepa | July 30, 2021
Posted on: 27 August, 2021
Minister Gunawardena: right numbers but wrong conclusions on tax burden
The tax revenue in 2014 at the end of Mahinda Rajapaksa’s government was Rs. 1,050 billion. Thereafter, its successor the Good Governance Government imposed tax rates to collect more than Rs. 1,700 billion a year, which was an excessive burden.The people were not taxed in this manner even...
Daily News | June 24, 2021
Posted on: 13 August, 2021
State minister Dayasiri Jayasekara on point on the plummeting of tourism earnings
The tourism industry has collapsed completely following the Easter Sunday attacks and following this COVID-19 pandemic. Due to the collapse of the tourism industry, we have lost USD 5 billion per year that the country should have received.
Daily Mirror Online | July 13, 2021
Posted on: 29 July, 2021
Udaya Gammanpila at a loss on the reason for CEYPETCO losses
Due to the fact that oil has continuously been purchased at high prices and sold at low prices, the accumulated loss for CEYPETCO, as at end 2020, is Rs. 331 billion
Minister Gammanpila’s Official Facebook Page | June 11, 2021
Posted on: 15 July, 2021
Premadasa correct on industry affected by X-Press Pearl disaster
The fisheries industry contributes to 1.1% of Sri Lanka's GDP, according to the 2019 CBSL report.
Divaina | June 3, 2021
Posted on: 1 July, 2021
Anura Kumara Dissanayake over-estimates money printing, on the face of it.
From the day this government came into power to March this year, LKR 831 billion has been printed.
Mawbima | May 3, 2021
Posted on: 25 June, 2021
MP Wimal Weerawansa makes industrious observations on industrial production
Industries occupy a special place in the national manufacturing process in Sri Lanka which is about 26.4% of the national GDP, and only a very low percentage of about 10% contributes to exports.
Daily FT | April 9, 2021
Posted on: 31 May, 2021
MP Harsha de Silva highlights national accounting fraud
CBSL Annual Report states Sri Lanka's budget deficit for 2020 [was a] huge 11%. But it should be even higher at 14%.
Harsha de Silva, Harsha de Silva's Official Twitter | May 1, 2021
Posted on: 13 May, 2021
Minister Alahapperuma: overstates forex earnings of Sri Lanka that can be credited to workforces dominated by women.
The largest foreign exchange earners contributing USD 7 billion to the economy of this country are the women of our country who perform drudgery in the Middle East. Number two is the apparel industry. USD 5.6 billion. In whose hands is it? In our sisters' hands. Number three, the tea economy...
Mawbima | March 8, 2021
Posted on: 7 May, 2021
MP Eran Wickramaratne correctly flags foreign outflow from stocks
There has been a big outflow of foreign investment from the stock exchange. In terms of rupee value Rs. 51 billion outflows was registered in the year 2020…
Lanka Business Online | January 18, 2021
Posted on: 25 February, 2021
State Minister Cabraal: right on reserves with reservations
We had USD 8.2 billion in reserves… When the good governance government handed us the government, there was only USD 7.6 billion in reserves.
Mawbima | January 7, 2021
Posted on: 27 January, 2021
Opposition Leader Sajith Premadasa miscalculates by engaging the wrong base
In the first seven months of 2020, the government's tax revenue was reduced by 40.9 percent in comparison with that same period last year.
Divaina | October 7, 2020
Posted on: 3 December, 2020
Prime Minister Mahinda Rajapaksa fails to account for the accounting method
“…the budget deficit which my government brought down to 5.7 percent of Gross Domestic Product (GDP) in 2014, has increased to over 9.6 percent of the GDP by 2019…
2020 Appropriation Bill | November 13, 2020
Posted on: 19 November, 2020
President Rajapaksa: Sends right message on cost of the post
"The Postal Department is currently running at a loss of about Rs 6 billion. It generates an income of Rs 8 billion annually. The department’s expenditure runs to about Rs 14 billion on account of having overtime payments, the salaries and other costs."
Dinamina | September 30, 2020
Posted on: 12 November, 2020
Former Prime Minister Wickremesinghe: Incorrect claims with some correct figures
When I was the Prime Minister, the government revenue was LKR 150,000 million. The revenue last month was LKR 50,000 million. LKR 90,000 million is needed to pay the salaries and pensions of the public servants.
Divaina | August 3, 2020
Posted on: 5 November, 2020
Governor’s claim on strength of the banking system can be banked on
The banking sector remains strong with total capital adequacy ratio above 16 per cent, net stable funding ratio above 130 per cent, liquidity coverage ratio above 175 per cent and statutory liquid asset ratio above 32 per cent. With these performance indicators, I do not think anyone needs an additional assurance on the current strength of the banking system.
Daily News | June 8, 2020
Posted on: 30 July, 2020
President Gotabaya Rajapaksa overclaims change in economic growth
Prior to 2015, the economic growth rate was between 7% and 8%, but by 2019, it fell below 2%.
Divaina | June 16, 2020
Posted on: 7 July, 2020
Minister Dinesh Gunawardena: right on remittances
In 2018 the income the country received from overseas workers was about USD 7 billion. That was 7.9% of that year’s GDP.
Divaina | June 9, 2020
Posted on: 18 June, 2020
MP Ranawaka overestimates revenue growth under the yahapalana government
When the Yahapalana government came into power, state revenue was LKR 1.05 trillion. Our government doubled this income to LKR 2.1 trillion within 5 years.
Lankadeepa | February 6, 2020
Posted on: 29 April, 2020
MP Kiriella overreaches on recovery of bond transactions losses
The allegation is that the UNP caused a loss of LKR 10 billion through bonds. The country has not experienced a loss because the CBSL froze/impounded LKR 12 billion from Perpetual Treasuries.
Lankadeepa | February 2, 2020
Posted on: 11 March, 2020
MP Kanchana Wijesekera misidentifies beneficiaries of bond transaction losses
In this statement made on 30 January 2020, UPFA MP Kanchana Wijesekara claims that 96% of the losses caused to the government treasury, through bond transactions from 2002-2015
Daily News | January 30, 2020
Posted on: 4 March, 2020
Minister Rambukwella on past GDP growth: Correct but also misleading
When President Mahinda Rajapaksa took over the country in 2005, the Gross Domestic Product (GDP) was USD 20 billion. In ten years, we increased the GDP to USD 80 billion.
Dinamina | December 4, 2019
Posted on: 15 January, 2020
Minister Bathiudeen: satisfactory on export statistics
"…ICT/BPM, electronics, printing and packaging services – alone contributes to around $1.3 billion in export revenues every year."
Daily FT | August 28, 2019
Posted on: 9 October, 2019
President shines light on CEB and CPC losses
The Ceylon Electricity Board (CEB) and Ceylon Petroleum Corporation (CPC) incur losses in the tens of millions [of rupees] per day.
Divaina | June 4, 2019
Posted on: 24 July, 2019
MP Herath misrepresents total interest payments
According to the 2018 Central Bank Annual Report, when the total income was Rs. 1,920 billion...
Divaina | May 28, 2019
Posted on: 10 July, 2019
Minister Eran Wickramaratne correct on tourism earnings
Sri Lanka’s tourism sector accounts for 5% of gross domestic product.
Dinamina | May 22, 2019
Posted on: 7 July, 2019
Minister of Tourism Development right on tourism developments
When he took office in 2015, there were 1.5 million tourist arrivals and in 2018, it increased to 2.3 million.
Daily News | March 27, 2019
Posted on: 17 May, 2019
Minister Mangala Samaraweera: correct on rupee appreciation
"During the past 2 months, the rupee has appreciated by 2.5%."
Daily News | March 13, 2019
Posted on: 11 April, 2019
MP Nalinda Jayathissa: Right about the economic contribution of tea and rubber
The tea industry adds $1.5 billion to the economy of this country and the rubber industry adds $0.8 billion.
Mawbima | February 4, 2019
Posted on: 6 March, 2019
Anura Kumara Dissanayaka: false data and flawed claims
According to the Annual Report published by the Central Bank of Sri Lanka (CBSL), the Western Province contributes to 52% of the GDP of the country…
Mawbima | August 28, 2018
Posted on: 17 October, 2018
The Minister of Finance stated that tax income on cigarettes had reduced by Rs.18 billion due to reduced cigarette sales; the data proves him wrong.
A tax income of 1,800 crore (Rs. 18 billion) has been lost due to reduced cigarette sales.
Lankadeepa | September 12, 2018
Posted on: 4 October, 2018