12 October 2022 09:48 am Views - 361
By Sandun A. Jayasekera
The World Bank has instructed, Sri Lanka to downgrade her status from an upper income nation to a lower income nation assessing her monetary and credit worthiness and accordingly, the cabinet has approved the downgrading on Monday on a cabinet memo submitted by President Ranil Wickremesinghe, cabinet spokesman, Mass Media, Highways and Transport Minister Bandula Gunawardana said.
In a message sent on October 3rd., 2022 to State Minister of Finance Shehan Semasinghe after the conclusion of a discussion between the world body and Sri Lanka, the World Bank’s Country Director of Nepal and Sri Lanka, Faris H. Hadad Zervos has pointed out that Sri Lanka currently lacks the credit worthiness to borrow on market terms including from International Bank of Reconstruction and Development (IBRD) and therefore, is exploring the alternative resources to finance the country’s development programme.