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Sri Lanka is to raise up to 500 million US dollars from land sales in 2011, a top official has said as November data indicated that the 2010 budget has been contained within targets.
Treasury secretary P B Jayasundera was quoted as saying in Bloomberg, a newswire that Sri Lanka hoped to raise about 500 million US dollars from land sales to developers in 2011.
Sales of two blocks of land near a Colombo beachfront to developers have been valued at 250 million dollars.
November fiscal data showed that the budget deficit was broadly in line with revised data presented with the budget for 2011, though pressure on the domestic economy from state borrowing and spending was lifted in October with the sale of a billion dollar bond.
Last year inflation was contained at 6.9 percent and bank borrowings by ordinary citizens and business rose without putting pressure on rates.
The November fiscal data indicated that total revenues were up 12.6 percent, with tax revenues up 16.7 percent.
Current expenditure, the key source of pressure on the budget was contained at 852.9 billion rupees, up 3.1 percent.
Current expenditure, where state salaries is the biggest cashflow item puts pressure on revenues and requires money printing driving inflation up.
Last year state salaries were contained, reducing pressure on cashflows. Items such as interest which are also big but are mostly rolled over as paper transactions.
The revised 2010 budget put current expenditure at 926 billion rupees, which is flat even in nominal terms, but lower in real terms at 16.7 percent of gross domestic product compared to 17.0 percent.
Capital expenditure was up 17.7 percent to 306.2 billion rupees by November. Capital expenditure is usually project financed with foreign borrowing and usually does not put pressure on inflation or domestic interest rates.
The overall deficit after deducting grant funding was 413 billion rupees by November, broadly the same nominally as last year's 413.9 billion, or about 7.5 percent of GDP of about 5,500 billion indicated in the revised 2010 budget.
Sri Lanka projected a deficit of 8.0 percent of GDP under a deal with the International Monetary Fund. The central bank in earlier statements said all targets had been met
Treasury secretary P B Jayasundera was quoted as saying in Bloomberg, a newswire that Sri Lanka hoped to raise about 500 million US dollars from land sales to developers in 2011.
Sales of two blocks of land near a Colombo beachfront to developers have been valued at 250 million dollars.
November fiscal data showed that the budget deficit was broadly in line with revised data presented with the budget for 2011, though pressure on the domestic economy from state borrowing and spending was lifted in October with the sale of a billion dollar bond.
Last year inflation was contained at 6.9 percent and bank borrowings by ordinary citizens and business rose without putting pressure on rates.
The November fiscal data indicated that total revenues were up 12.6 percent, with tax revenues up 16.7 percent.
Current expenditure, the key source of pressure on the budget was contained at 852.9 billion rupees, up 3.1 percent.
Current expenditure, where state salaries is the biggest cashflow item puts pressure on revenues and requires money printing driving inflation up.
Last year state salaries were contained, reducing pressure on cashflows. Items such as interest which are also big but are mostly rolled over as paper transactions.
The revised 2010 budget put current expenditure at 926 billion rupees, which is flat even in nominal terms, but lower in real terms at 16.7 percent of gross domestic product compared to 17.0 percent.
Capital expenditure was up 17.7 percent to 306.2 billion rupees by November. Capital expenditure is usually project financed with foreign borrowing and usually does not put pressure on inflation or domestic interest rates.
The overall deficit after deducting grant funding was 413 billion rupees by November, broadly the same nominally as last year's 413.9 billion, or about 7.5 percent of GDP of about 5,500 billion indicated in the revised 2010 budget.
Sri Lanka projected a deficit of 8.0 percent of GDP under a deal with the International Monetary Fund. The central bank in earlier statements said all targets had been met
