Cabinet nod given to voluntarily downgrade SL’s income status

11 October 2022 11:11 am - 26 - {{hitsCtrl.values.hits}}

A A A

Cabinet nod has been given to demote Sri Lanka to a lower income status, a step that is taken with the aim of having more access to financial assistance, loans and concessions.

The proposal was made so that the crisis-stricken country can gain concessionary funding from the International Development Association (IDA), which is the World Bank (WB) that helps the poorest and vulnerable nations.

Sri Lanka is currently categorised as a Developing/Emerging lower-middle income economy. In 2020 the island nation was downgraded to its current status just a year after (2019) it was elevated to the upper middle-income category.

Sri Lanka’s GNI as of 2021 as calculated by the World Bank is US$ 3,820.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 26

Patriot Tuesday, 11 October 2022 11:33 AM

If the all the stolen money is returned to Sri Lanka by respective international community, then Sri Lanka will gain the lost status in each field, if not, will remain poor even for next 20 years or more.

Palitha Tuesday, 11 October 2022 12:04 PM

The key driver for this is that the per capita gross national income (GNI) threshold is set in USD. When the exchange rate depreciates the per capita GNI in USD terms reduces.

Priyantha Tuesday, 11 October 2022 11:46 AM

Makes sense. If we are low income, we are low income. Lets not fool ourselves to feed our ego. Now let's work out way up again from where we have fallen to.

beggerpore Tuesday, 11 October 2022 11:46 AM

So basically we have officially informed we are a bunch of beggers . Cool.. and we were talking of Singapore status few years back!!! What a bunch of donkeys we have as voters in this country

Aquarius Tuesday, 11 October 2022 12:09 PM

You cannot beg remaining in a house, you have to go to the streets. This is where we are now as a country, downgraded because of corruption, egoistic decision making and total ignorance of how to govern a country. We deserve this for having chosen the idiots who are senile, uneducated and full of sh**.!

rbh Tuesday, 11 October 2022 12:11 PM

Downgrade SL’s income status Achievement from round trip of President, Who were we yesterday what you do today

Don Tuesday, 11 October 2022 12:14 PM

There is something odd here. If the government figures are correct, there can’t be a high income status. This means figures published by government is not reflecting the actual status. Now you are proving to the world, you publish fake numbers. Now the government is like a fake beggar. From this point onwards, before giving any financial aid, there will be a forensic audit on your numbers. Land of thieves and the land of beggars. What a government and what a country!!

Hora Tech Athi Tuesday, 11 October 2022 04:39 PM

Dear Don, how come you speak like a person who doesn't know the day to day style here? You seem indignant when the wrong ways are the norm here. Any deception to gain advantage is way from getting child into Grade 1 in big school all the way until elderly. Alll anti-financial fraud rules and anti-corruption methods are invented overseas. Nothing in our culture is for being fair and decent toward society in general. After all the fraud done by current MPs in parliament, with some convicted even of bribery, our culture is the fault for this. Doesn't matter if Sinhala or Tamil, Bhuddist, Hindu, Christian, or Muslim all persons behave how our deceptive social and business environment requires them to. My only sad solution is probably complete invasion by harsh country like China and make all behave to vicious laws and I serious vicious laws will ever correct our society in a short term. Your ideas to improve things?

Fairness for our citizen everywhere Tuesday, 11 October 2022 06:31 PM

Your indignation reminds me of Eran Wickramaratne or Harsha de Silva. However, I'm sure you're not like those thin skinned big headed two who ask for trouble by their attitudes. Unfortunately the devil crooks in our parliament are ganging up to drag all speakers for honesty and truth through the mud. The SLPP majority using mental ragging throwing unfair accusation against any challenger who want to try shed light on government and Rajapaksa tricks and frauds. With our government looking like a den of thieves it only follows they'll next try to defraud the world at large even more. They've already defaulted a US pension fund, and made silly claim to strike out the action by the pension fund in the US courts. The deviousness we'll see to get more money, continue to refuse to pay creditors will make connivers in the US made Game of Thrones show look like children's TV characters!

Deen Tuesday, 11 October 2022 12:17 PM

Our politicians are so prompt in accepting and announcing the whole world that we are paupers so that their looted wealth is safe for generations.

City Tuesday, 11 October 2022 12:55 PM

Facts are stubborn.

Surain Tuesday, 11 October 2022 12:45 PM

Political leaders who ruled the country for the last 20 years irrespective of party politics are totally responsible for down grading

Sokrates Tuesday, 11 October 2022 12:49 PM

Cheating and begging, Sri Lanka's official international policy. All that's left of national pride is shit.

Fairness for our citizen everywhere Tuesday, 11 October 2022 06:35 PM

Why you care about National Pride. That mental burden is for those fools who adulate politician, Thera, other religious leader, sports person, and of course still naive/innocent school children. National pride for Sri Lanka with anyone else is worry and showing it are best kept away from. There's no material benefit for it for decent individual, but getting into it just leads to suffering and losses.

anura hettiarachchi Tuesday, 11 October 2022 01:00 PM

This is what a shameless bunch of arrogant and senseless iditols brought the country to: Do you still want to live your lives on account of the poorest of the poor. Please at least now get out..

Economist - UK Tuesday, 11 October 2022 01:01 PM

Let us have two states in one country. This will improve loving relationship between both. Improve economy. We have seen it in India 28 states, UK 4, USA 51 and many more. I cannot understand why the majority politicians fear of two states in one?

EMILYJOACK Tuesday, 11 October 2022 01:43 PM

WHEN ARE WE GOING TO PUT THE RAJAPAKSA FAMILY TO JAIL?

Can we start now? Tuesday, 11 October 2022 01:55 PM

There may be a silver line in the horizon! Let us use this opportunity to investigate how an MP with daily income of 2150/-, managed to live in luxury mansions? How did these low salary MPs procure acres of land, built tourist hotels, and acquire high rise buildings for their kith and kin? How did their kids manage to roll on wealth, that skins the poor man? We can down grade their Benz limousines and give them 3 wheels to travel from home to keep up with reality. In the mean time, let them show their source of income in real money. Let them prove that they cannot afford to pay electricity and phone bills. Can we start now?

Mauila Tuesday, 11 October 2022 09:22 PM

Understand "Hope is eternal"?! Finding Robbers of the treasury and public purse attempt!? No way realise that?! Still Looting – Their HOBBY – reason being elected representatives, MP?! “Low Middle income and Developing” status sought for opportunity, lending from IDA, they could access financial resources to, SUSTAIN POOR?? 20% ROBBED!? Blood sucking LEECHES???? The great Messiah, 'side kick tuition master', who tutored, How “Family of 4”, managing Rs 2150 paltry income, belatedly realised they cannot even on Rs 350,000 parliamentary subsistence??!! Looking for supplementary INCOME – ROBBING public purse????? These goons still continue to think, THE PUBLIC ARE FOOLS!!!

Hethupala Kankanamage Tuesday, 11 October 2022 02:23 PM

Thopita Hena Hatha - Kaalakanni - destroyed the SL economy by stealing and investing overseas!! Still begging for power - poor man is suffering without food, fuel, fertiliser and many other important items.

Lankan for unity Tuesday, 11 October 2022 05:27 PM

Cursing at them (without them knowing) will achieve little. They are thick-faced with black hearts. It is like waster off ducks back. I think only putting them out of the positions harshly is the only way to rid ourselves of them. A gentle way is by way of an election, and I am sure majority of our country would reject them if an election held in the next month even.

I am patriot Tuesday, 11 October 2022 04:32 PM

Every nation wants the easiest way to maximise there "having more access to financial assistance, loans and concessions". However, if it's allowed is if the rest of the world sees about how fair to allow for Lanka compared to others. It would be horrible if our politicians and officials mislead the world about it, that is if they just look to deceive to get an unfair advantage now, like politician here likes bribes, because the next crisis, and there will be one obviously, the creditors will even be harsher. As a Lankan until I see maximum effort done for zero money print, and reduce government expense, looking to get further credit seems another scam! More debt for next generation to pay after Ranil and all the current elderly politician are dead, next generation sill paying.

Mondawada Pissu Tuesday, 11 October 2022 04:50 PM

My nephew who works now in the financial industry overseas, would say "Game on". On one had government spokesman says this is just a show, we're actually well off, but cabinet says, showing as poorer means more easier, freer money for those in that category. If things go on in this vein our Samurdhi Programme will have to cater for Ministers, and businessman with V8 too, and less available for those in real need.

Go home heritage Tuesday, 11 October 2022 06:41 PM

MP Bandula does look most smart in the lovely grey top. Stronger and more articulate even. Giving up on old stuck in the mud attitude, and moving up in image. I've not seen anything pure about those wearing all white. Bandula always wearing being in white clothing as an MP had made him seem mentally weak, and an easily angered con artist. As most I've found who don the national suit are really like. White sarong wearer especially in parliament makes for a look of a well a most undesirable, who should be kept well away from children.

Bonkers Tuesday, 11 October 2022 10:03 PM

Caught in the middle income trap, can’t find a way out and so retreating!

Raymon Wednesday, 12 October 2022 07:49 AM

We have achieved a milestone by declaring as a "low income" country. Don't we deserve a National Holiday to celebrate the achievement ??

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Cabinet nod given to voluntarily downgrade SL’s income status

Comments - 26

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

SL on alert on possible genocide allegations by Canada

Gota fires back at Cardinal, rebuts allegations

Two racing drivers arrested over Fox Hill tragedy

Astrologer Chandrasiri Bandara passess away

Sri Lankan among NASA’s new crew for next simulated Mars journey

MIRROR CRICKET

Sahan Arachchige to lead Sri Lanka ‘A’

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

TODAY'S HEADLINES

Sri Lanka to establish new energy sector regulator

Cabinet nod to transfer China-built Mattala airport’s management to Indian, Russian joint venture

Sajith never attends dinners hosted by Ranil Wickremesinghe

One soldier dead, nine injured in road crash

Sahan Arachchige to lead Sri Lanka ‘A’

Dates confirmed for 78th Bradby Shield

SLAS appoints independent committee for investigation

Pakistan lose key players for last two T20Is against New Zealand