Sri Lanka cabinet declares itself as 'low income country'

Sri Lanka cabinet declares itself as 'low income country'

Daily Current Affairs   /   Sri Lanka cabinet declares itself as 'low income country'

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Category : International Published on: October 13 2022

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  • Sri Lanka's cabinet has approved a proposal to downgrade the island nation's economic status to "low income country", in order to get access to concessional funding from international organisations.
  • Sri Lanka had a GDP of USD 3,815 in 2021, which currently places the country in the 'middle-income' category, according to the World Bank.
  • Sri Lanka's Central Bank is predicting a 8.7 per cent slump in GDP for this year.
  • In mid-April, Sri Lanka declared its international debt default due to the forex crisis.
  • The country owes USD 51 billion in foreign debt, of which USD 28 billion must be paid by 2027.
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