Annual Report 2008 - Ministry of Finance and Planning

2. Fiscal Developments - 2008
49
Table 2.2
Summary of Government Fiscal Operations
Rs. bn
2005 2006 2007 2008 Budget 2008
Total Revenue 379.7 477.8 565.1 750.7 655.2
Tax Revenue 336.8 428.4 509.0 674.1 585.6
Income Tax 55.4 80.5 107.2 143.2 126.5
Taxes on Goods and Services 234.5 289.3 328.6 438.5 322.3
Taxes on External Trade 49.8 58.6 73.2 92.3 136.8
Non Tax Revenue 42.9 49.5 56.1 76.6 69.6
Total Expenditure 584.8 713.6 841.6 1,044.4 996.1
Recurrent 443.4 548.0 622.8 713.1 743.7
Personnel Emoluments 138.6 175.0 214.2 233.4 239.1
Interest 120.2 150.8 182.7 209.8 212.5
Subsidies and Transfers 128.3 144.2 147.4 160.8 170.9
Other Goods and Services 56.3 78.0 78.5 109.0 121.2
Capital and Net Lending 141.4 165.7 218.8 331.3 252.4
Public Investment 148.6 177.4 229.3 335.7 263.9
Other (7.1) (11.8) (10.4) (43.8) (11.4)
Revenue Surplus/Deficit (63.6) (70.1) (57.7) 37.8 (88.5)
Budget Deficit (205.0) (235.8) (276.6) (293.4) (340.8)
Total Financing 205.0 235.8 276.6 293.4 340.8
Total Foreign Financing 80.4 72.0 131.4 138.6 26.6
Net Foreign Financing 47.8 41.9 100.9 109.9 4.5
Gross Foreign Borrowings 69.1 87.9 165.0 214.7 126.1
Debt Repayment 21.4 46.0 64.1 104.8 121.6
Foreign Grants 32.6 30.1 30.5 28.7 31.2
Total Domestic Financing 118.3 163.8 127.1 154.8 309.6
Net Non Bank Financing 92.1 83.8 111.3 145.8 114.4
Net Bank Borrowings 26.2 80.0 15.8 9.0 195.2
Other 5.3 - 17.4 - 4.2
As a percentage of GDP
Revenue 15.5 16.3 15.8 18.0 14.9
Tax Revenue 13.7 14.6 14.2 16.2 13.3
Non Tax 1.7 1.7 1.6 1.8 1.6
Expenditure 23.8 24.3 23.5 25.0 22.6
Recurrent Expenditure 18.1 18.6 17.4 17.1 16.9
Public Investment 6.1 6.1 6.4 8.0 6.0
Revenue Deficit (2.6) (2.4) (1.6) 0.9 (2.0)
Budget Deficit (8.4) (8.0) (7.7) (7.0) (7.7)
Total Foreign Financing 3.3 2.5 3.7 3.3 0.6
Total Domestic Financing 5.1 5.6 3.6 3.7 7.0
Source: Department of Fiscal Policy
Ministry of Finance and Planning Sri Lanka
Annual Report 2008