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Sri Lanka’s Expenditure on COVID-19 Response is Much Lower Than its Regional Peers
According to Ministry of Finance, Sri Lanka has incurred a total of LKR 117.5 billion in 2020 and LKR 53.0 billion during Jan-June of 2021 as expenses on the country’s COVID-19 response. According to data from the IMF Policy tracker, Sri Lanka’s expenditure on COVID-19 response is much lower than its South Asian peers. Other South Asian countries such as Maldives, India, Afghanistan, Pakistan, and Bangladesh have spent 1.4 percent, 2 percent, 2.1 percent, 3.5 percent and 6.9 percent of their GDP respectively on COVID-19 response as of June 2021. In contrast, Sri Lanka has spent only 0.8 percent of its GDP on the country’s COVID-19 response during the same period. This spending has been attributed to just 0.1 percent of GDP on health sector expenditure and 0.7 percent of GDP on non-health sector expenditure. However, the severity of the Covid 19 has been mostly similar or even worse for Sri Lanka compared to other South Asian nations. The table below shows the number of COVID-19 cases and deaths per million as at 30 June 2021 and the death rate for the above mentioned South Asian countries as reported through data in https://ourworldindata.org/coronavirus Country Deaths per million Cases per million Death rate (Deaths/Cases) Maldives 389 136,526 0.28% India 289 22,037 1.31% Sri Lanka 144 12,099 1.19% Afghanistan 125 3,048 4.10% Pakistan 101 4,339 2.33% Bangladesh 88 5,545 1.59% Source: Johns Hopkins University COVID-19 data Details on Covid-19 Expenditure by each country The Sri Lankan government has allocated up to 0.1 percent of GDP for containment measures, as well as USD 5 million (0.01 percent of GDP) to the SAARC COVID-19 Emergency Fund. Cash transfers to vulnerable groups amounted to around 0.6 percent of GDP in 2020 and around 0.1 percent of GDP as of June 2021. In contrast, the COVID-19 responses of some of Sri Lanka’s regional peers were as follows: The government of Maldives increased the amount of funds allocated for the health sector and subsidized 40 percent and 30 percent of civilian’s electricity bills and water bills respectively for the months of April and May. In addition, they also gave special allowances to those who lost their jobs due to COVID-19. India spent on the following: In-kind items (food; cooking gas) and cash transfers to lower-income households (1.2 percent of GDP), wage support and employment provision to low-wage workers (0.5 percent of GDP) and insurance coverage for workers in the healthcare sector and healthcare infrastructure (0.1 percent of GDP). The Afghan government’s expenditure includes spending for urgent health needs, such as establishing testing labs, setting up special wards to boost hospitalization and care capacity and procuring critical medical supplies. From April-June 2020, the government also provided free bread to the poor in Kabul, later extending this to other cities. In May, it waived electricity bills of less than AFN 1,000 (USD 13) for families in Kabul for a period of two months and paid utility bills of the previous two months for 50 percent of households in Kabul. The authorities also rolled out about 0.8 percent of GDP for social assistance under the World Bank-funded REACH program in 2020, with the remaining 0.6 percent of GDP continuing in 2021. Pakistan provided a range of cash transfers for the following: PKR 75 billion to 6.2 million daily wage workers, PKR 150 billion to more than 12 million low-income families, PKR 100 billion to support SMEs and the agriculture sector in the form of power bill deferment, bank lending, as well as subsidies and tax incentives. In 2020, the Bangladesh government allocated BDT 21.3 billion (approximately USD 250.9 million) under a housing scheme for the homeless, BDT 15 billion (approximately USD 176.7 million) for the poor who faced job losses from the pandemic, BDT 7.5 billion (approximately USD 88.3 million) to provide health insurance for government employees most at risk, and BDT 1 billion (approximately USD 11.8 million) in bonus payments for public health workers treating COVID-19 patients. In January 2021, the government increased the COVID-19 Emergency Response and Pandemic Preparedness Project costs by BDT 56.6 billion (approximately USD 666.7 million) mostly reflecting the procurement, preservation, and distribution of vaccines. Note: There is a small difference in the figure quoted by the IMF compared to the MoF’s estimate. The MoF’s figure, LKR 170 billion, as a share of 2020’s GDP amounts to 1.1% of GDP. Yet, much less than other South Asian countries used for the comparison. Sources: Policy Responses to COVID-19: Policy Tracker, June 2021. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 Ministry of Finance Sri Lanka, Mid-Year Fiscal Position Report – 2021 Johns Hopkins University COVID-19 data. COVID-19 Data Explorer - Our World in Data
Featured Insight
Sri Lanka’s Expenditure on COVID-19 Response is Much Lower Than its Regional Peers
According to Ministry of Finance, Sri Lanka has incurred a total of LKR 117.5 billion in 2020 and LKR 53.0 billion during Jan-June of 2021 as expenses on the country’s COVID-19 response. According to data from the IMF Policy tracker, Sri Lanka’s expenditure on COVID-19 response is much lower than its South Asian peers. Other South Asian countries such as Maldives, India, Afghanistan, Pakistan, and Bangladesh have spent 1.4 percent, 2 percent, 2.1 percent, 3.5 percent and 6.9 percent of their GDP respectively on COVID-19 response as of June 2021. In contrast, Sri Lanka has spent only 0.8 percent of its GDP on the country’s COVID-19 response during the same period. This spending has been attributed to just 0.1 percent of GDP on health sector expenditure and 0.7 percent of GDP on non-health sector expenditure. However, the severity of the Covid 19 has been mostly similar or even worse for Sri Lanka compared to other South Asian nations. The table below shows the number of COVID-19 cases and deaths per million as at 30 June 2021 and the death rate for the above mentioned South Asian countries as reported through data in https://ourworldindata.org/coronavirus Country Deaths per million Cases per million Death rate (Deaths/Cases) Maldives 389 136,526 0.28% India 289 22,037 1.31% Sri Lanka 144 12,099 1.19% Afghanistan 125 3,048 4.10% Pakistan 101 4,339 2.33% Bangladesh 88 5,545 1.59% Source: Johns Hopkins University COVID-19 data Details on Covid-19 Expenditure by each country The Sri Lankan government has allocated up to 0.1 percent of GDP for containment measures, as well as USD 5 million (0.01 percent of GDP) to the SAARC COVID-19 Emergency Fund. Cash transfers to vulnerable groups amounted to around 0.6 percent of GDP in 2020 and around 0.1 percent of GDP as of June 2021. In contrast, the COVID-19 responses of some of Sri Lanka’s regional peers were as follows: The government of Maldives increased the amount of funds allocated for the health sector and subsidized 40 percent and 30 percent of civilian’s electricity bills and water bills respectively for the months of April and May. In addition, they also gave special allowances to those who lost their jobs due to COVID-19. India spent on the following: In-kind items (food; cooking gas) and cash transfers to lower-income households (1.2 percent of GDP), wage support and employment provision to low-wage workers (0.5 percent of GDP) and insurance coverage for workers in the healthcare sector and healthcare infrastructure (0.1 percent of GDP). The Afghan government’s expenditure includes spending for urgent health needs, such as establishing testing labs, setting up special wards to boost hospitalization and care capacity and procuring critical medical supplies. From April-June 2020, the government also provided free bread to the poor in Kabul, later extending this to other cities. In May, it waived electricity bills of less than AFN 1,000 (USD 13) for families in Kabul for a period of two months and paid utility bills of the previous two months for 50 percent of households in Kabul. The authorities also rolled out about 0.8 percent of GDP for social assistance under the World Bank-funded REACH program in 2020, with the remaining 0.6 percent of GDP continuing in 2021. Pakistan provided a range of cash transfers for the following: PKR 75 billion to 6.2 million daily wage workers, PKR 150 billion to more than 12 million low-income families, PKR 100 billion to support SMEs and the agriculture sector in the form of power bill deferment, bank lending, as well as subsidies and tax incentives. In 2020, the Bangladesh government allocated BDT 21.3 billion (approximately USD 250.9 million) under a housing scheme for the homeless, BDT 15 billion (approximately USD 176.7 million) for the poor who faced job losses from the pandemic, BDT 7.5 billion (approximately USD 88.3 million) to provide health insurance for government employees most at risk, and BDT 1 billion (approximately USD 11.8 million) in bonus payments for public health workers treating COVID-19 patients. In January 2021, the government increased the COVID-19 Emergency Response and Pandemic Preparedness Project costs by BDT 56.6 billion (approximately USD 666.7 million) mostly reflecting the procurement, preservation, and distribution of vaccines. Note: There is a small difference in the figure quoted by the IMF compared to the MoF’s estimate. The MoF’s figure, LKR 170 billion, as a share of 2020’s GDP amounts to 1.1% of GDP. Yet, much less than other South Asian countries used for the comparison. Sources: Policy Responses to COVID-19: Policy Tracker, June 2021. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 Ministry of Finance Sri Lanka, Mid-Year Fiscal Position Report – 2021 Johns Hopkins University COVID-19 data. COVID-19 Data Explorer - Our World in Data
Featured Insight
Sri Lanka’s Expenditure on COVID-19 Response is Much Lower Than its Regional Peers
According to Ministry of Finance, Sri Lanka has incurred a total of LKR 117.5 billion in 2020 and LKR 53.0 billion during Jan-June of 2021 as expenses on the country’s COVID-19 response. According to data from the IMF Policy tracker, Sri Lanka’s expenditure on COVID-19 response is much lower than its South Asian peers. Other South Asian countries such as Maldives, India, Afghanistan, Pakistan, and Bangladesh have spent 1.4 percent, 2 percent, 2.1 percent, 3.5 percent and 6.9 percent of their GDP respectively on COVID-19 response as of June 2021. In contrast, Sri Lanka has spent only 0.8 percent of its GDP on the country’s COVID-19 response during the same period. This spending has been attributed to just 0.1 percent of GDP on health sector expenditure and 0.7 percent of GDP on non-health sector expenditure. However, the severity of the Covid 19 has been mostly similar or even worse for Sri Lanka compared to other South Asian nations. The table below shows the number of COVID-19 cases and deaths per million as at 30 June 2021 and the death rate for the above mentioned South Asian countries as reported through data in https://ourworldindata.org/coronavirus Country Deaths per million Cases per million Death rate (Deaths/Cases) Maldives 389 136,526 0.28% India 289 22,037 1.31% Sri Lanka 144 12,099 1.19% Afghanistan 125 3,048 4.10% Pakistan 101 4,339 2.33% Bangladesh 88 5,545 1.59% Source: Johns Hopkins University COVID-19 data Details on Covid-19 Expenditure by each country The Sri Lankan government has allocated up to 0.1 percent of GDP for containment measures, as well as USD 5 million (0.01 percent of GDP) to the SAARC COVID-19 Emergency Fund. Cash transfers to vulnerable groups amounted to around 0.6 percent of GDP in 2020 and around 0.1 percent of GDP as of June 2021. In contrast, the COVID-19 responses of some of Sri Lanka’s regional peers were as follows: The government of Maldives increased the amount of funds allocated for the health sector and subsidized 40 percent and 30 percent of civilian’s electricity bills and water bills respectively for the months of April and May. In addition, they also gave special allowances to those who lost their jobs due to COVID-19. India spent on the following: In-kind items (food; cooking gas) and cash transfers to lower-income households (1.2 percent of GDP), wage support and employment provision to low-wage workers (0.5 percent of GDP) and insurance coverage for workers in the healthcare sector and healthcare infrastructure (0.1 percent of GDP). The Afghan government’s expenditure includes spending for urgent health needs, such as establishing testing labs, setting up special wards to boost hospitalization and care capacity and procuring critical medical supplies. From April-June 2020, the government also provided free bread to the poor in Kabul, later extending this to other cities. In May, it waived electricity bills of less than AFN 1,000 (USD 13) for families in Kabul for a period of two months and paid utility bills of the previous two months for 50 percent of households in Kabul. The authorities also rolled out about 0.8 percent of GDP for social assistance under the World Bank-funded REACH program in 2020, with the remaining 0.6 percent of GDP continuing in 2021. Pakistan provided a range of cash transfers for the following: PKR 75 billion to 6.2 million daily wage workers, PKR 150 billion to more than 12 million low-income families, PKR 100 billion to support SMEs and the agriculture sector in the form of power bill deferment, bank lending, as well as subsidies and tax incentives. In 2020, the Bangladesh government allocated BDT 21.3 billion (approximately USD 250.9 million) under a housing scheme for the homeless, BDT 15 billion (approximately USD 176.7 million) for the poor who faced job losses from the pandemic, BDT 7.5 billion (approximately USD 88.3 million) to provide health insurance for government employees most at risk, and BDT 1 billion (approximately USD 11.8 million) in bonus payments for public health workers treating COVID-19 patients. In January 2021, the government increased the COVID-19 Emergency Response and Pandemic Preparedness Project costs by BDT 56.6 billion (approximately USD 666.7 million) mostly reflecting the procurement, preservation, and distribution of vaccines. Note: There is a small difference in the figure quoted by the IMF compared to the MoF’s estimate. The MoF’s figure, LKR 170 billion, as a share of 2020’s GDP amounts to 1.1% of GDP. Yet, much less than other South Asian countries used for the comparison. Sources: Policy Responses to COVID-19: Policy Tracker, June 2021. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 Ministry of Finance Sri Lanka, Mid-Year Fiscal Position Report – 2021 Johns Hopkins University COVID-19 data. COVID-19 Data Explorer - Our World in Data
Featured Insight
Sri Lanka’s Expenditure on COVID-19 Response is Much Lower Than its Regional Peers
According to Ministry of Finance, Sri Lanka has incurred a total of LKR 117.5 billion in 2020 and LKR 53.0 billion during Jan-June of 2021 as expenses on the country’s COVID-19 response. According to data from the IMF Policy tracker, Sri Lanka’s expenditure on COVID-19 response is much lower than its South Asian peers. Other South Asian countries such as Maldives, India, Afghanistan, Pakistan, and Bangladesh have spent 1.4 percent, 2 percent, 2.1 percent, 3.5 percent and 6.9 percent of their GDP respectively on COVID-19 response as of June 2021. In contrast, Sri Lanka has spent only 0.8 percent of its GDP on the country’s COVID-19 response during the same period. This spending has been attributed to just 0.1 percent of GDP on health sector expenditure and 0.7 percent of GDP on non-health sector expenditure. However, the severity of the Covid 19 has been mostly similar or even worse for Sri Lanka compared to other South Asian nations. The table below shows the number of COVID-19 cases and deaths per million as at 30 June 2021 and the death rate for the above mentioned South Asian countries as reported through data in https://ourworldindata.org/coronavirus Country Deaths per million Cases per million Death rate (Deaths/Cases) Maldives 389 136,526 0.28% India 289 22,037 1.31% Sri Lanka 144 12,099 1.19% Afghanistan 125 3,048 4.10% Pakistan 101 4,339 2.33% Bangladesh 88 5,545 1.59% Source: Johns Hopkins University COVID-19 data Details on Covid-19 Expenditure by each country The Sri Lankan government has allocated up to 0.1 percent of GDP for containment measures, as well as USD 5 million (0.01 percent of GDP) to the SAARC COVID-19 Emergency Fund. Cash transfers to vulnerable groups amounted to around 0.6 percent of GDP in 2020 and around 0.1 percent of GDP as of June 2021. In contrast, the COVID-19 responses of some of Sri Lanka’s regional peers were as follows: The government of Maldives increased the amount of funds allocated for the health sector and subsidized 40 percent and 30 percent of civilian’s electricity bills and water bills respectively for the months of April and May. In addition, they also gave special allowances to those who lost their jobs due to COVID-19. India spent on the following: In-kind items (food; cooking gas) and cash transfers to lower-income households (1.2 percent of GDP), wage support and employment provision to low-wage workers (0.5 percent of GDP) and insurance coverage for workers in the healthcare sector and healthcare infrastructure (0.1 percent of GDP). The Afghan government’s expenditure includes spending for urgent health needs, such as establishing testing labs, setting up special wards to boost hospitalization and care capacity and procuring critical medical supplies. From April-June 2020, the government also provided free bread to the poor in Kabul, later extending this to other cities. In May, it waived electricity bills of less than AFN 1,000 (USD 13) for families in Kabul for a period of two months and paid utility bills of the previous two months for 50 percent of households in Kabul. The authorities also rolled out about 0.8 percent of GDP for social assistance under the World Bank-funded REACH program in 2020, with the remaining 0.6 percent of GDP continuing in 2021. Pakistan provided a range of cash transfers for the following: PKR 75 billion to 6.2 million daily wage workers, PKR 150 billion to more than 12 million low-income families, PKR 100 billion to support SMEs and the agriculture sector in the form of power bill deferment, bank lending, as well as subsidies and tax incentives. In 2020, the Bangladesh government allocated BDT 21.3 billion (approximately USD 250.9 million) under a housing scheme for the homeless, BDT 15 billion (approximately USD 176.7 million) for the poor who faced job losses from the pandemic, BDT 7.5 billion (approximately USD 88.3 million) to provide health insurance for government employees most at risk, and BDT 1 billion (approximately USD 11.8 million) in bonus payments for public health workers treating COVID-19 patients. In January 2021, the government increased the COVID-19 Emergency Response and Pandemic Preparedness Project costs by BDT 56.6 billion (approximately USD 666.7 million) mostly reflecting the procurement, preservation, and distribution of vaccines. Note: There is a small difference in the figure quoted by the IMF compared to the MoF’s estimate. The MoF’s figure, LKR 170 billion, as a share of 2020’s GDP amounts to 1.1% of GDP. Yet, much less than other South Asian countries used for the comparison. Sources: Policy Responses to COVID-19: Policy Tracker, June 2021. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 Ministry of Finance Sri Lanka, Mid-Year Fiscal Position Report – 2021 Johns Hopkins University COVID-19 data. COVID-19 Data Explorer - Our World in Data
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Sunday Times
Stage set to launch Special GST
The Government is ready to introduce the Special Goods and Services Tax (SGST) in a major reform of the country’s taxation by enacting the new GST bill in parliament soon after its approval by the Cabinet of Ministers, a senior Treasur...
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Source:
Daily Mirror
1Q tax income narrowly misses target amid spurt in...
Sri Lanka’s tax income during the first fiscal quarter has only narrowly missed the target set for the period, in a clear sign of robust economic recovery staged in the first three months of the year, which came with the return of normalcy. At the Public Finance W...
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Source:
Ceylon Today
Casinos owe IRD Rs 2.67B
It was revealed at the Committee on Public Accounts (COPA) that cases have been filed by the Inland Revenue Department (IRD) in the Colombo Magistrate’s Court to recover Rs 2.67 billion in tax arrears from casinos.
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Insight on Revenue
Taxing the Digital Economy
The Minister of Trade, Mr. Bandula G...
How does Sri Lanka’s Corporate Taxes Com...
A recent proposal initiated by the G7 to introduce a global mi...
Port City Commission Bill Offers Wider E...
The draft version of the Colombo Port Cit...
Decline in government revenue for 2020
According to the Central Bank Annual Report for 2020, government reven...
Cigarette Taxes: The cost of failure
The Government proposed a policy to syste...
Changes in Special Commodity Levy (SCL)...
On 22 May 2020, Sri Lanka made changes to...
Taxes on Motor Vehicle Imports
Last year the government placed import restrictions on motor vehicles. How did this aff...
Deviation of Actual vs. Estimated Revenu...
The Fiscal Management Report released recently shows that Tax Revenue between Jan – Aug 202...
Summary of Fiscal Indicators, 1950 to 20...
The following chart displays the government revenue and expenditure...
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Featured
Tariffs on Powdered Milk
Majority of Import taxes pertaining to milk powder were removed with effect from the 12th of August 2021. The HS codes in relation to the removal of taxes are 040210, 040221 and 040229.
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Sri Lanka’s Economic Reliance on Chemical Fertiliz...
In August 2021, the Sri Lanka government allocated LKR 3.8 billion to purchase organic fertilizers from local producers, in the government effort to switch the nation to organic fertilizers.
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Steering out of the Debt Crisis: Recipes for Budge...
“Steering Out of the Debt Crisis: Recipe for Budget 2022” by Verité Research was anchored around addressing Sri Lanka’s debt crisis. The forum presented research and analysis pertaining to debt management a...
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