Sri Lanka hopes to move to budget deficit of 4.0-pct of GDP

July 29, 2013 (LBO) - Sri Lanka is hoping to cut the budget deficit to 4.
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0 percent of gross domestic product and generate a 2.0 percent revenue surplus, Treasury Secretary P B Jayasundera said.

Sri Lanka ran a 6.4 percent of gross domestic product overall deficit in the budget in 2012 and a 1.



4 percent revenue deficit before capital spending.

In 2013 the overall budget deficit is planned to be 5.8 percent of gross domestic product with 0.

1 percent marginal revenue deficit.

"A further reduction in the fiscal deficit towards 4.

0 percent in GDP by generating a revenue surplus in a magnitude of around 2.0 percent of GDP through an enhanced revenue effort is a major component of government strategy," Jayasundera said.

He was speaking to economists and insurance industry sector representatives at the launch of a book on insurance law and practice by Wickrema Weerasuriya, a specialist in banking law who is now the island's insurance ombudsman.

Amid a slowing economy, meeting the 2013 targets had been tough.

In the first four months of 2013 Sri Lanka ran a revenue deficit of 1.

8 percent of GDP and an overall deficit of 3.

9 percent of GDP.

Sri Lanka has not been able to