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Monday July 5, 2021 6:12 am Monday July 5, 2021 6:12 am ECONOMYNEXT – Sri Lanka’s overall budget deficit of 520.5 billion rupees for the first four months of 2021 has overtaken revenues of 481.7 billion rupees in a remarkable development official data showed, following tax cuts in December 2019 compounded by a Coronavirus pandemic. Sri Lanka slashed value added taxes in December 2019 without approval of the island’s parliament in as ‘stimulus’ fever gripped the urban intelligentsia in its history earning a downgrade as state finances were thrown into disarray. The deficit was 3.2 percent of gross domestic product and revenues were 2.9 percent. Stimulus Fever At the time Sri Lanka was recovering from a currency crises and output shock triggered by a so-called ‘stop-go’ monetary debacle in 2018 involving printing money (monetary stimulus) to target an output gap despite sharp tax hikes to fix the budget deficit and market pricing of oil.

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