Proposal for Lanka to downgrade itself to low-income country

The Cabinet will take up tomorrow a proposal for Sri Lanka to revert from a middle-income country to a low-income country with the aim of obtaining concessionary funding from the International Development Association (IDA) — an arm of the World Bank which helps the world’s poorest and most vulnerable countries.

The Sunday Times

0222-10-09

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SriLankan loses Rs. 12.9 b in Q1

SriLankan Airlines recorded a Rs. 12.9 billion net loss in Q1 FY25, driven by cash flow challenges, legacy issues, and financial costs from past debt. ...

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SL pays $ 503 m for 1H debt servicing

By June 2024, Sri Lanka's external debt had reached $37.5 billion, with $8.19 billion in unpaid debt service accumulating since the April 2022 debt standstill on bilateral and commercial loans.

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Workers’ remittances decline in September

In September 2024, Sri Lanka’s remittances reached $556 million, tourism earnings were $181 million, and gross official reserves rose to $6 billion, covering 3.9 months of imports.

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