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The Maldives’ primary deficit still remains high
The Maldives’ primary deficit has increased since 2020, raising concerns about the country’s debt sustainability. This contrasts with Sri Lanka, where the primary deficit also increased but recovered, following its suspension of debt repayments, along with a fiscal consolidation program. A primary deficit—or negative primary balance—occurs when government revenue is insufficient to cover non-interest expenditure. All deficits are funded through borrowing, which can contribute to long-term fiscal risks. Before 2020, the Maldives’ primary balance was already in deficit, ranging from 1%–5%. In 2020, it climbed above 20% due to the sharp decline in revenue and economic activity caused by the COVID-19 lockdowns. Although the tourism-dependent economy has begun to recover, the primary deficit remains high—around 10%—as spending continues to outpace revenue. Sri Lanka also faced an increased primary deficit in 2020 and 2021, driven partly by the pandemic but largely due to misguided fiscal policies. This led to the country’s worst debt crisis and a default on external debt. Sri Lanka has since shown signs of recovery, achieving a positive primary surplus in 2023 and 2024 with support from an IMF program focused on fiscal consolidation and revenue enhancement. Moving forward, it is important for the Maldives to identify and address its fiscal challenges, such as the higher primary deficit, promptly, to avoid a crisis similar to Sri Lanka. Previous analysis has highlighted that the country’s reserves are on a declining trajectory similar to Sri Lanka and could be depleted within the next two years unless decisive corrective measures are implemented.
Featured Insight
The Maldives’ primary deficit still remains high
The Maldives’ primary deficit has increased since 2020, raising concerns about the country’s debt sustainability. This contrasts with Sri Lanka, where the primary deficit also increased but recovered, following its suspension of debt repayments, along with a fiscal consolidation program. A primary deficit—or negative primary balance—occurs when government revenue is insufficient to cover non-interest expenditure. All deficits are funded through borrowing, which can contribute to long-term fiscal risks. Before 2020, the Maldives’ primary balance was already in deficit, ranging from 1%–5%. In 2020, it climbed above 20% due to the sharp decline in revenue and economic activity caused by the COVID-19 lockdowns. Although the tourism-dependent economy has begun to recover, the primary deficit remains high—around 10%—as spending continues to outpace revenue. Sri Lanka also faced an increased primary deficit in 2020 and 2021, driven partly by the pandemic but largely due to misguided fiscal policies. This led to the country’s worst debt crisis and a default on external debt. Sri Lanka has since shown signs of recovery, achieving a positive primary surplus in 2023 and 2024 with support from an IMF program focused on fiscal consolidation and revenue enhancement. Moving forward, it is important for the Maldives to identify and address its fiscal challenges, such as the higher primary deficit, promptly, to avoid a crisis similar to Sri Lanka. Previous analysis has highlighted that the country’s reserves are on a declining trajectory similar to Sri Lanka and could be depleted within the next two years unless decisive corrective measures are implemented.
Featured Insight
The Maldives’ primary deficit still remains high
The Maldives’ primary deficit has increased since 2020, raising concerns about the country’s debt sustainability. This contrasts with Sri Lanka, where the primary deficit also increased but recovered, following its suspension of debt repayments, along with a fiscal consolidation program. A primary deficit—or negative primary balance—occurs when government revenue is insufficient to cover non-interest expenditure. All deficits are funded through borrowing, which can contribute to long-term fiscal risks. Before 2020, the Maldives’ primary balance was already in deficit, ranging from 1%–5%. In 2020, it climbed above 20% due to the sharp decline in revenue and economic activity caused by the COVID-19 lockdowns. Although the tourism-dependent economy has begun to recover, the primary deficit remains high—around 10%—as spending continues to outpace revenue. Sri Lanka also faced an increased primary deficit in 2020 and 2021, driven partly by the pandemic but largely due to misguided fiscal policies. This led to the country’s worst debt crisis and a default on external debt. Sri Lanka has since shown signs of recovery, achieving a positive primary surplus in 2023 and 2024 with support from an IMF program focused on fiscal consolidation and revenue enhancement. Moving forward, it is important for the Maldives to identify and address its fiscal challenges, such as the higher primary deficit, promptly, to avoid a crisis similar to Sri Lanka. Previous analysis has highlighted that the country’s reserves are on a declining trajectory similar to Sri Lanka and could be depleted within the next two years unless decisive corrective measures are implemented.
Featured Insight
The Maldives’ primary deficit still remains high
The Maldives’ primary deficit has increased since 2020, raising concerns about the country’s debt sustainability. This contrasts with Sri Lanka, where the primary deficit also increased but recovered, following its suspension of debt repayments, along with a fiscal consolidation program. A primary deficit—or negative primary balance—occurs when government revenue is insufficient to cover non-interest expenditure. All deficits are funded through borrowing, which can contribute to long-term fiscal risks. Before 2020, the Maldives’ primary balance was already in deficit, ranging from 1%–5%. In 2020, it climbed above 20% due to the sharp decline in revenue and economic activity caused by the COVID-19 lockdowns. Although the tourism-dependent economy has begun to recover, the primary deficit remains high—around 10%—as spending continues to outpace revenue. Sri Lanka also faced an increased primary deficit in 2020 and 2021, driven partly by the pandemic but largely due to misguided fiscal policies. This led to the country’s worst debt crisis and a default on external debt. Sri Lanka has since shown signs of recovery, achieving a positive primary surplus in 2023 and 2024 with support from an IMF program focused on fiscal consolidation and revenue enhancement. Moving forward, it is important for the Maldives to identify and address its fiscal challenges, such as the higher primary deficit, promptly, to avoid a crisis similar to Sri Lanka. Previous analysis has highlighted that the country’s reserves are on a declining trajectory similar to Sri Lanka and could be depleted within the next two years unless decisive corrective measures are implemented.
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பட்ஜெட் 2022
பட்ஜெட் 2022
2022 ம் ஆண்டு வரவு-செலவுத் திட்டம் மீதான விரிவான ஆய்வு.
இடைக்கால வரவுசெலவுத் திட்டமா அல்லது இரகசிய வரவுசெலவுத் திட்டமா?
பின்வரும் முன்மொழிவுகளை செயல்படுத்தும் முகவராக பாதுகாப்பு அமைச்சு நியமிக்கப்பட்டுள்ளது. 1) STEM-ஐ மையமாகக் கொண்ட பல்கலைக்கழக வளாகங்களை நிறுவுதல். STEM என்பது அறிவியல், தொழில்நுட்பம், பொறியியல் மற்றும் கணிதம் ஆகிய துறைகளை ஒருங்கிணைக்கும் கற்ற...
பி.எஃப். வயரில் இணைப்பிலிருந்து
Source:
Daily Mirror
Govt presents supplementary estimate to Parliament
Government yesterday presented to Parliament a supplementary estimate to spend Rs 695 billion for various purposes. The estimate presented to the House to spend Rs 67 billion to continue payment of the monthly allowance of Rs. 5000 to govern...
மேலும் வாசிக்க
Source:
Sunday Times
New budget to replace 2022 current budget
Sri Lanka’s new administration headed by Prime Minister Ranil Wickremesinghe is gearing up to present a new, relief-based budget, around next month, replacing budget 2022 – for the first time in history since independence
மேலும் வாசிக்க
Source:
Daily FT
Public Finance Committee clears 2022 Appropriation...
The Appropriation Bill for 2022 has been approved by the Committee on Public Finance. According to the Bill, which was tabled in Parliament, the total expenditure for 2022 is estima...
மேலும் வாசிக்க
நுண்ணறிவு பட்ஜெட் 2022
அரச செலவினம் மற்றும் வருமானத்தில் விலகல்...
மதிப்பிடப்பட்ட வருமானத்திலிருந்து வருமானத்திற்கு ஏற்படும் விலகலை இந்த விளக்கப்படம் சித்தரிக...
Breakdown of Government Expenditure: 20...
The following infographic depicts the exp...
Breakdown of government revenue, 2010 -...
The following infographic depicts the gov...
Financing of the Budget Deficit, 2010 to...
The following infographic depicts the financing of the budget defici...
Budget 2022: Revenue Proposals
The following chart displays the revenue proposals in the 2022 Bud...
Summary of Fiscal Indicators, 1950 to 20...
The following chart displays the governme...
Medium Term Fiscal Framework, 2021 to 20...
The Medium Te...
Summary of 2022 Budget: Government Reven...
Here is an infographic whi...
ஒதுக்கீட்டுச் சட்டமூலம் 2022: அரச செலவின...
2022ம் ஆண்டுக்க...
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தெற்காசிய நாடுகளுக்கிடையே இலங்கையிலேயே அதியுயர் பண...
இலங்கை மிக மோசமான பொருளாதார நெருக்கடியை எதிர்கொண்ட...
மேலும் வாசிக்க
Can We Build a World-Class City with Third-World P...
This article was compiled by Dr. Sanjaya de Silva, Associate Professor of Economics at Bard College. His research interests include development and economic history in South and Southeast Asia.
மேலும் வாசிக்க
அமெரிக்காவின் புதிய வரி விதிப்பு காரணமாக இலங்கையின...
ஏப்ரல் 2 ஆம் திகதி, அமெரிக்க ஜனாதிபதி டொனால்ட் டிரம்ப், அமெரிக்காவிற்கு இலங்கை ஏற்றுமதி செய்யும் பொருட்களுக்கு 44 சதவீத வரியை விதித்துள்ளார். 64 சதவீத ஆடையுற்பத்திகளை உள்ளடக்கிய இவ்வேற்றுமதிகள் 2023 ஆம் ஆண்டில் கிட்டத்தட்ட 1.8 பில்லியன் அமெர...
மேலும் வாசிக்க
