Mobilizing Domestic Resources and Increasing Public Expenditure Efficiency for Infrastructure Development

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1 Mobilizing Domestic Resources and Increasing Public Expenditure Efficiency for Infrastructure Development AR Desapriya Deputy Secretary to the Treasury Sri Lanka UN ESCAP Meeting on Policy Dialogue on Infrastructure Financing Strategies for Sustainable Development in South and South-West Asia Jan 2017, Kathmandu, Nepal 1

2 Sri Lanka 9 Provinces 25 Districts 65,610 km GDP Growth (%) (first nine months) Inflation (%) (Nov) Unemployment (%) (second quarter) Treasury Bill Rate 3 Months (%) Budget Deficit (% of GDP) (Est.) Per Capita GDP US $ 3,924 Current Account Deficit (% of GDP) Central Government Debt (% of GDP) Poverty Head Count Index 6.7% (Est.) Expectation of Life at Birth 74.9 years Electrification level 98.5% Human Development Index Rank 73 (of 188) Literacy Rate 93.3% 2

3 Sri Lanka s Public Finance Management Structure is based on a decentralized approach to enhance efficiency Revenue Collection Government revenue is managed by the Consolidated Fund Part of revenue is re-distributed among the provincial level authorities based on their relative contribution Some revenue collected at provincial levels is allowed to be retained Decentralized Expenditure Management Line ministries are allocated funds from the National Budget Provincial level resource allocation is done for certain capital expenditure Decentralized Capital Budget (DCB) allocates funds for capital expenditure on district level 3

4 Public Finance Management outlook shifted with the change of government in 2015 Public Finance Management was fraught with some major structural weaknesses Government revenue was falling continuously despite various measures Recurrent expenditure exceeded total government revenue Subsidies and transfers on the increasing trend and often suffered from poor targeting Infrastructure development was funded through borrowed funds, mostly at commercial rates Capital projects for infrastructure development were often implemented through unsolicited proposals Debt accumulation in both government and state-owned-enterprises Most infrastructure development projects had long payback periods thereby rendering little support to ease fiscal burden 4

5 Until 2014, domestic resource mobilization for infrastructure development met with formidable challenges due to falling government revenue Revenue, Recurrent and Capital Expenditure (%of GDP) 21.6 Recurrent expenditure surpassed Government revenue and grants Public investments remained subdued Recurrent Expenditure Public Investments Government Revenue and Grants 5

6 Until 2014, debt servicing used up almost all government revenue, making a dent in public expenditure... Rs.Bn 1,600 1,400 1,200 1, Revenue vs Debt Servicing 1,195 1,137 Government Revenue 1, Government Revenue Rs.Bn Total Debt Servicing ,051 1, ,137 1, ,195 1,069 Interest Payments Capital Repayments 6

7 Consequently, capital investments suffered the most Government Capital Expenditure (%) Capital Exp./ Total Exp Capital Expenditure Components (% of GDP) Economic Services Capital Exp./ GDP Social Services General Public Services Only one fourth of government expenditure went for public investments As a share of GDP, capital expenditure fell from 6.4% in 2000 to 4.7% in 2014 Capital expenditure on economic services saw a major hit declining from 5.3% of GDP in 2009 to 3.2% of GDP in

8 Investments in Infrastructure 3.5 Investments in Infrastructure (% of GDP) Investments in Infrastructure (Rs.Mn) 3 300, , , , ,000 50, Agriculture and Irrigation Agriculture and Irrigation Energy and Water Supply Energy and Water Supply Transport and Communication Transport and Communication Other

9 Sustainable Infrastructure Development Strategy Priorities for the New Government since

10 Major Fiscal Priorities 1. Creating fiscal space for public investment through revenue enhancement and rationalizing recurrent expenditure 2. Enhancing fiscal discipline 3. Mobilizing resources locally and abroad through marketbased and transparent mechanism 4. Restructuring government debt 5. Resort to a sustainable development approach 10

11 (Est) 2017 (Proj) 2018 (Proj) 2019 (Proj) 2020 (Proj) 1. Creating fiscal space for public investment through revenue enhancement and rationalizing recurrent expenditure 23 Government Revenue (% of GDP) Tax Revenue An Several of measures introduced since 2015 reversed the downward trajectory of government revenue (tax based broadening, Ramis,Risk based Tax audit ) Tax revenue in absolute terms grew by 29% in 2015, the highest annual increase since 1990 Major subsidy and transfer programmes were rationalized and made well targeted 11

12 2. Enhancing fiscal discipline An independent Procurement Commission was established (with the introduction of an amendment to the constitution) Entered into an arrangement with IMF for fiscal consolidation in 2016 (through an Extended Fund Facility EFF) A credible commitment control mechanism is in the making Right to Information Act was enacted Established a central procurement monitoring unit at the Ministry of Finance 12

13 3. Mobilizing resources locally and abroad through market-based and transparent mechanism Unsolicited proposals are channeled through Swiss Challenge Policy framework and legal reforms are introduced to encourage Public-Private-Partnerships (PPP) for major infrastructure projects Major orientation towards multilateral lending agencies for infrastructure funding Balance sheets of State-Owned-Enterprises are strengthened through introduction of marked-based pricing strategies and mobilizing funds on their own 13

14 4. Restructuring government debt Debt liability management through debt-equity swap arrangements Negotiations are on-going with respect to debt financed port development (USD 1.4 Bn) Measures to extend the maturity profile The average-time-to-maturity (ATM) of the domestic debt stock increased to 6.28 years in 2015 from 5.75 yeas in 2014 Strengthening the legal framework and introducing new laws New legislation is in the draft on re-financing and pre-financing of debt Drafting of debt liability management act 14

15 5. Resort to a Sustainable Development Approach A Sustainable Development Bill was moved in Parliament on 9 Jan 2017 (in conformity with SDGs and associated targets) The theme of the 2017 National Budget was framed as Accelerating Growth with Social Inclusion The Year 2017 has already been declared as the year of Poverty Alleviation" by His Excellency the President Sri Lanka is firmly committed to achieve the United Nations proclaimed UN Sustainable Development Goals by 2030 ensuring shelter, safe drinking water and improved living standards for all. 15

16 Gross Borrowing Limits could be lowered in 2016 and 2017 Approved Limit (Rs.Bn) Domestic Foreign Total , , , , , , , , , (Est) 1, , Approved Limit and Usage (Rs.Bn) 1,139 1,105 1,303 1,286 1,478 1,425 1,780 1,749 1,699 1,221 1, Approved Limit *Usage for 2016 is as at end October Usage Change in Borrowing Limit (% increase) Gross Borrowing Limit in 2016 was reduced by 4.6% compared to 2015 and is expected to reduce further in

17 Given the improved revenue performance and well-managed expenditure, the outlook for the Medium-Term Fiscal Framework ( ) looks promising Increasing tax revenue to GDP ratio to over 15 % by 2017 and 18% by 2020 Containing the budget deficit to 3.0 percent of GDP by 2020 Reducing the outstanding government debt below 65 percent of GDP by 2020 Maintaining a primary surplus in 2017 and beyond Rationalizing Recurrent expenditure and enhancing public expenditure Total Revenue and Grants Total Revenue Grants Total Expenditure and net lending Recurrent Expenditure* Capital Expenditure and Net Lending Budget Deficit Central Govt Debt * After adjusting for an increase in interest paymements estimates for % of GDP 17

18 Medium-Term Macroeconomic Outlook. Inflation at Mid-Single Digit Level Primary Surplus in Fiscal Accounts Balance of Payments Surplus Unemploy -ment below 4% Economic Growth 7% 18

19 Thanks 19

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