Sri Lanka’s Big Plan to Reduce its Debt
Sri Lanka is aiming to close a fiscal shortfall by raising as much as $5 billion over the next six months through new budget measures as it seeks to win back foreign investors after the currency fell to a record low. The South Asian nation’s budget on Nov. 20 will include a plan to boost revenue through a new tax structure on services, Finance Minister Ravi Karunanayake told Bloomberg's Mark Barton. The changes will help narrow the deficit next year from 6.8 percent in 2015 and to between 3.5 percent and 3.8 percent by 2018, he said. He also pledged to ease exchange-rate controls and review policies on land ownership.