Sri Lanka to seek IDA loans while remaining a middle-income country

The government stated that Sri Lanka will remain a middle-income country. Sri Lanka no longer qualifies for International Bank for Reconstruction and Development (IBRD) loans due to a downgrade of the country’s credit rating.
Therefore, the Cabinet approved a proposal yesterday (11) to request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA), the Presidential Media Division said.

Daily News

2022-10-12

தொடர்பான தலைப்புக்கள்

Government introduces new expenditure and relief t...

On 05 December 2024, the government presented supplementary estimates totalling LKR 219.4 billion for the year, which was not included in the original 2024 budget. Supplementary allocations are typically introduced to address unforeseen emer...

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Public debt grew more slowly in the first three qu...

Sri Lanka’s public debt rose at a slower pace in the first three quarters of 2024 compared to the same period in 2023. Whilst domestic debt and foreign increased, the growth was notably lower than in the previous year.

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SL exits ’Restricted Default’ rating

Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR to 'CCC+' from 'RD' and the Local-Currency IDR to 'CCC+' from 'CCC-', citing reduced default risk after completing in...

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