Sri Lanka will remain a middle-income country, announced the President’s Media Division today (October 11), an hour after the Cabinet Spokesperson said that the Cabinet of Minister gave the go ahead to classify Sri Lanka as the low-income country from a lower-middle income country.
The President’s Media Division said that the Government is pursuing a “reverse graduation” policy for a limited period of time.
Earlier today (October 11), Cabinet Spokesperson Dr. Bandula Gunawardena told reporters in Colombo that Sri Lanka’s Cabinet has granted approval to downgrade Sri Lanka to a low-income country from lower-middle income country.
“Sri Lanka was a middle-income country as per the global classification. Give the middle-income status we cannot access concessionary loans from overseas,” he told reporters.
He revealed that the income of persons following the economic crisis dropped drastically, and it fell even further in 2022.
The Minister said that global agencies had recommended to the Finance Minister to downgrade the status of Sri Lanka in order for them to provide concessionary loan assistance to Sri Lanka.(NewsNow)
