Feb 25, 2018

Per capita debt rises to Rs. 417,913 Featured

Sri Lanka’s per capita debt rose to Rs. 417,913 by the 2016 end, says the auditor general in a report on state debt management.

That is an increase of Rs. 44,451, or 12 per cent, within a year, from 373,462 by December 2015.

By the end of 2005, the per capita debt stood at Rs. 108,908.

The rate could go up further due to the continuing depreciation of the Sri Lankan rupee and more than 40 pc of external borrowings in state debt, the AG notes.

By 31 December 2016, the total debt stood at Rs. 8.9 trillion.

According to financial statements, the worth of total assets was Rs. 1.1 trillion.

The state financial act says the state’s liabilities should not exceed 80 pc of the GDP, but it has surpassed that figure and reached Rs. 9,865 billion by 31 December 2016.