SL outstanding debt hits 109.7% of GDP

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Expands from 94.3% of GDP in 2019 partly due to pandemic
Central Govt. debt accounted for 92% of total public debt
SLPA and the CEB were biggest holders of debt, accounting for 50.9% and 42.3%, respectively

Sri Lanka’s outstanding public debt increased substantially to 109.7% of GDP by end-2020 from 94.3% of GDP at end-2019, the Central Bank said in its Annual Report released yesterday.

This increase was mainly due to the rise in Central Government debt coupled with the contraction in the nominal GDP in 2020.

. Public debt, as defined by the Central Bank, includes Central Government debt, foreign project loans received by State-Owned Business Enterprises (SOBEs), and public guaranteed debt.

In absolute terms, the outstanding public debt increased to Rs. 16,427.1 billion at end-2020 from Rs. 14,155.3 billion at end-2019. The outstanding Central Government debt, which is the largest component of public debt, increased to Rs. 15,117.2 billion at end-2020 from Rs. 13,031.5 billion at end-2019, accounting for 92% of the total public debt.

Public guaranteed debt increased by 26.7% to Rs. 986.4 billion at end-2020 from Rs. 778.3 billion at end-2019, and accounted for 6% of total outstanding public debt.

However, outstanding debt relating to foreign project loans received by SOBEs declined to Rs. 323.5 billion at end-2020 from Rs. 345.5 billion at end-2019 due to the repayment of outstanding loans by the Sri Lanka Ports Authority (SLPA) and the Ceylon Electricity Board (CEB) during 2020.

The SLPA and the CEB were the major holders of SOBE debt, accounting for 50.9% and 42.3%, respectively, at end-2020.

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