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2. Socio-Economic Indicators. Area 65 610 sq kmPopulation (2001)Total: 18 797 million Female: 9 438 millionMale: 9 359 millionBy Ethnicity
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1. International Financial Institutions and Debt2nd South Asian WorkshopKathmandu 14-15 January 2009
Sri Lanka Country Presentation
B. Skanthakumar
Law & Society Trust (LST)
2. 2 Socio-Economic Indicators Area 65 610 sq km
Population (2001)
Total: 18 797 million
Female: 9 438 million
Male: 9 359 million
By Ethnicity (2001)
Sinhala: 13.8 million
Muslims: 1 339 million
Up-Country Tamils: 855 000
NE Tamils: 732 000
Others: 127 000
By Religion (2001)
Buddhist: 12 986 million
Islam: 1 435.9 million
Hindu: 1 312.9 million
Christian: 1 185.9 million
Life Expectancy at birth (2007) 71.6 years
Infant Mortality Rate (2005) 12 per 1000
Adult Literacy Rate (2005) 90.7%
Human Development Index 0.74
3. 3 Mahinda Chintana 10 Year Development Framework (2006-2016) 2003 PRSP Regaining Sri Lanka rejected
No New Borrowings from IMF & IBRD
Infrastructure Development (energy, telecommunications, roads, ports, airports, irrigation etc.) prioritised
Look East: Chinese, Indian and Iranian state capital
Non-Privatisation Policy (abolition of PERC); SOE Reform & PPP instead
Subsistence to Commercial agriculture (agro-exports)
Foreign Investment Friendly incentives extended
300 Rural Garment factories programme
4. 4 Government Expenditure (2009 estimates)Source: Appropriation Bill 2008
Total Expenditure Rs980 634 460 000
Defence Rs177 060 039 000
18% of Total
Health Rs58 649 894 000
5.8% of Total
Education Rs21 117 510 000
2.12% of Total
Housing Rs997 781 000
Social Welfare Rs873 358 000
5. 5 Exports (2007) Export Composition (2007/1977)
Industrial Goods: 76% / 14%
Mainly textiles & garments
Agricultural products: 20% / 79%
Mainly tea & rubber
Export Markets
USA (RMGs)
EU esp. UK (Tea & RMGs)
India (Vanaspathi, Copper)
Gross Export Earnings
Textiles & RMGs: US$3 341million
60% inputs imported
Remittances: US$2 502 million
Tea: US$1 025 million
Tourism: US$385 million
6. 6 Debt Status 2007Source: Central Bank of Sri Lanka, Annual Report 2008 Total Govt Debt: US$27 billion / Rs 3070 billion
Domestic Debt: 58%
Foreign Debt: 42%
Concessional Debt: 83%
Non-Concessional: 17%
Total Debt Service: US$4.5 billion / Rs500.5 million
External Debt Denominations:
SDRs: 37.5%
Yen: 25%
US$: 19.7%
Euro: 11%
Others: 6.8%
7. 7 Donor & Loan Profile (2006)Source: Central Bank of Sri Lanka, Annual Report 2006 LENDERS
Government of Japan
US$262.5 million
Asian Development Bank
US$174.9 million
International Development Association
US$100.2 million
Citicorp Investment Bank
US$100 million
Government of Germany
US$55.2 million
HSBC Ltd
US$50 million
LOANS
Soft Loans
US$932 million
Grants
US$287 million
Commercial Loans
US$150 million
Programme loans
US$52 million
8. 8 Government Foreign Debt 1998 2007 (Rs millions)
9. 9 Debt ProfileSource: State of the Economy 2008, Institute for Policy Studies, p. 20.
10. 10 Debt Service Ratio(Source: Central Bank of Sri Lanka Annual Report 2007)
11. 11 Debt Service Burden (US$ millions) Source: State of the Economy 2008, Institute for Policy Studies, p. 21
12. 12 Major Donors and Projects (in US$ millions) in 2007 I Source: Central Bank of Sri Lanka Annual Report 2007, p. 109 Government of Japan / JBIC 197.0
e.g. Southern Highway Construction 32.0
e.g. Upper Kotmale Hydro-Power 21.3
e.g. Walawe Left Bank Irrigation and Extension 13.5
Government of China 175.4
e.g. Norochcholai Coal Power Plant 142.8
e.g. 100 Railway Carriages 12.5
Asian Development Bank 134.6
e.g. Southern Transport Development 19.1
e.g. Road Network Improvement 16.2
e.g. Power Sector Development 13.1
13. 13 Major Donors and Projects (in US$ millions) in 2007 II Source: Central Bank of Sri Lanka Annual Report 2007, p. 109 International Development Association 74.2
e.g. Road Sector Assistance 18.9
e.g. North East Housing Reconstruction 17.9
e.g. Renewable Energy for Rural Development 9.8
European Investment Bank 42.9
e.g. Post-Tsunami Line of Credit 28.9
e.g. DFCC Global Loan 13.9
Government of Denmark 20.8
e.g. Colombo Sewerage Rehabilitation 11.4
14. 14 Trends Shift from multilaterals (esp. IMF & IBRD) to bilaterals and commercial banks (e.g. HSBC, Citicorp etc.)
Shift from Concessionary to Commercial borrowing (avoidance of conditionalities)
Shift from Western donors to Asian donors (Kohona doctrine)
15. Sri Lanka into the Debt Trap?