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Sunday, 05 June 2016 - 8:35
Budget deficit expected to be dropped to 3.5
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The Central Bank expects a steady reduction of the overall budget deficit to 3.5 percent of the country’s GDP by 2020, after the International Monetary Fund approved US$ 1.5 billion Extended Fund Facility (EFF) to Sri Lanka.

Releasing a communiqué, following the approval of the IMF, the Central Bank stated that it plans to introduce comprehensive reforms to tax policy and administration, which will ease the burden of public debt and the pressure on the BOP.

The Central Bank further noted that it would expect to gradually build up foreign reserves and maintain inflation at mid-single digit level.

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