Sri Lanka seeking reverse graduation for limited time period - Govt

 

Sri Lanka will remain a middle-income country, the President’s Media Division (PMD) said today, clarifying that the government is seeking a reverse graduation policy for a limited period of time. 

The Cabinet of Ministers on Monday (Oct. 10) approved a proposal seeking to request the World Bank to grant Sri Lanka the eligibility to obtain loans offered by the International Development Association (IDA). 

The Cabinet of Ministers approved the proposal as Sri Lanka no longer qualifies for International Bank for Reconstruction and Development (IBRD) loans due to a downgrade of the country’s credit rating, the PMD explained in its statement.