COLOMBO, Nov 13 — Sri Lanka’s government set a budget deficit target of 2.85 trillion rupees in 2024, higher than the upwardly revised 2.4 trillion rupees in the current year, according to the budget document presented in the parliament today.

The deficit would stand at 9.1 per cent of GDP next year compared with 8.5 per cent in 2023. Sri Lanka had originally set a deficit target of 7.9 per cent in the budget for the current year.

Sri Lanka’s economy is showing signs of recovery helped by a US$2.9 billion bailout from the International Monetary Fund (IMF), which has warned of revenue shortfalls and backed a 12 per cent deficit under its four-year programme. — Reuters