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Monday, 01 October 2012 - 10:51
Sri Lanka sees budget slippage in July
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Sri Lanka has seen a sharp fiscal slippage in July 2012 after two months of improving state finances, as the state ratcheted up current expenditure ahead of the ability of citizens to pay up taxes.

fiscal data released by the Central Bank shows State revenues rose 12.6 percent to 556 billion rupees in the seven months to July from a year earlier, but current expenses raced ahead by 19.4 percent to 695.3 billion rupees, nearly twice the annual budgeted rate of 10.1 percent.

The revenue deficit or the gap between total revenues and current expenditure expanded 57.8 percent from a year earlier to 139.3 billion rupees.

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