Category : InternationalPublished on: October 13 2022
Share on facebook
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.
