Cabinet spokesman Bandula Gunawardena said that the Cabinet of Ministers had granted approval for a proposal to downgrade Sri Lanka’s status from a middle-income country to a ‘low-income country.
He said that the downgrading will eventually be carried out by international rating agencies.The move comes after Sri Lanka suffered its worst economic crisis in history.
The downgrading will help Sri Lanka have more access to international financial assistance.
Sri Lanka to be downgraded from middle-income to low-income country
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