Srilanka, May 9 -- Sri Lanka recorded a steep budget deficit of Rs. 498.28 billion in the first quarter of 2025 (1Q25), official data showed.
According to the latest Financial Performance Statement submitted to the Cabinet of Ministers this week, the gap between revenue and expenditure widened significantly in the three months ending March 31, with total income at Rs. 1,064.66 billion and expenditure at Rs. 1,562.94 billion.
The disclosure, a statutory obligation under Section 53 (1) of the Public Finance Management Act, No. 44 of 2024, outlined cumulative figures encompassing all Ministries, Departments, District Secretariats, and Special Expenditure Units.
Tax revenue made up the bulk of government income at Rs. 970.58 billion, followe...