Sri Lanka to cut budget deficit marginally next year

COLOMBO: Sri Lanka will reduce its budget deficit marginally to 5.9 percent of gross domestic product from this year's revised 6 percent, the 2016 official budget document showed on Friday.

This deficit year's deficit had been revised down from an earlier revised 6.9 percent.

The document also showed President Maithripala Sirisena's government is targeting a 38 percent jump in the total revenue and grants, including a 23 percent rise in tax revenue, which is estimated at 12.7 percent of GDP.

Finance Minister Ravi Karunanayake, spelling out the 2016 budget, said the government would reduce the foreign holding in treasury bills to 10 percent from the current 12.5 percent.