Home » Being downgraded as low-income country isn't dishonourable – Minister

Being downgraded as low-income country isn't dishonourable – Minister

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The Cabinet has granted approval to the proposal to downgrade Sri Lanka's status from Middle Income Country to a Low Income Country to facilitate future loans following the information provided by world organizations, Cabinet Spokesman Bandula Gunawardena said during today's (11) Cabinet briefing.

Earlier, Finance State Minister Ranjith Siyambalapitiya said that such a proposal was presented to the Cabinet yesterday (10) and that this decision has been taken with the aim of obtaining concessional funds from the World Bank and the International Development Association.

He said the World Bank will be informed about this decision after presenting a detailed explanation to the Cabinet.

He said that designating Sri Lanka as a middle-income country is an obstacle to obtaining loans at low interest rates.

The minister said that naming a middle-income country as a low-income country does not bring dishonor to the country and it is a practical financial decision that should be taken at this moment.

He said that Sri Lanka was designated as a middle-income country in 2017 and this designation is redundant due to the current situation in the country.

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