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01 December, 2015 09:48 AM Source: Financial Times - Sri Lanka
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Moody’s has said that Sri Lanka’s continued high fiscal deficits are credit negative.
This assessment from Moody’s is following the maiden Budget presented by the unity Government on 20 November. At present Moody’s sovereign rating on Sri Lanka stands at B1 stable.
It said the Sri Lankan Government announced its budget for calendar 2016, which targets a fiscal deficit of 5.9% of GDP, close to the Government’s 2015 deficit forecast of 6.0% and underpinned by plans to increase spending on education, health and infrastructure.
“If implemented, such spending would enhance growth prospects but would further delay Sri Lanka’s fiscal consolidation and add to the Government’s already high debt, a credit negative,” Moody’s said.

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