Sri Lanka to be downgraded from middle-income to low-income country

Date:

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.

Share post:

spot_imgspot_img

Popular

More like this
Related

Dairy Industry Slumps Despite Surging Demand  Milk Farmers Face Crisis

The Sri Lankan dairy industry is at a crossroads....

Exporters Urged to Prepare for New VAT Refund Regime

With Sri Lanka’s long-running Simplified VAT (SVAT) scheme now...

Economic Recovery Stalls as Policy Reversals Undermine Reform

Sri Lanka’s path to recovery remains woefully unfinished. While...

SL Construction Sector Gains Momentum, but Relief Delay Stalls Broad Recovery

Sri Lanka’s construction industry, long battered by economic turbulence,...