{"id":1682508,"date":"2022-10-11T01:50:23","date_gmt":"2022-10-11T05:50:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682508"},"modified":"2022-10-11T01:51:06","modified_gmt":"2022-10-11T05:51:06","slug":"sri-lanka-cabinet-approves-downgrade-to-low-income-country","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sri-lanka-cabinet-approves-downgrade-to-low-income-country\/","title":{"rendered":"Sri Lanka cabinet approves downgrade to \u2018low income country\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsri-lanka-cabinet-approves-downgrade-to-low-income-country%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682508&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>COLOMBO (Reuters) -Sri Lanka\u2019s cabinet has approved a proposal to downgrade the  island nation\u2019s economic status to \u201clow income country\u201d, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday.<\/p>\n<p>Sri Lanka\u2019s economy is in a deep slump, shrinking at an annual 8.4% in the June quarter in one of the steepest quarterly declines.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Per capita GDP was $3,815 in 2021, which had placed it in the lower-middle economy category, according to the World Bank.<\/p>\n<p>The cabinet had decided to downgrade the island to \u201clow income\u201d on the World Bank list, said cabinet spokesman Bandula Gunawardane.<\/p>\n<p>\u201cGiven the serious financial crisis Sri Lanka is facing representatives of international organizations had informed us that if Sri Lanka was categorised as a low income country access to funding would be easier,\u201d Gunawardane said.<\/p>\n<p>The South Asian island of 22 million people is battling its worst economic crisis since independence in 1948, brought about by COVID-19 battering its tourism-reliant economy and slashing remittances from workers overseas, rising oil prices, populist tax cuts and a seven-month ban on the import of chemical fertilisers last year that devastated agriculture.<\/p>\n<p>The crisis has led to an acute dollar shortage to pay for imports of food, fuel and medicine, a plunge in the rupee and runaway inflation. <\/p>\n<p>The Central Bank of Sri Lanka, which held policy rates steady last week, is predicting an 8.7% gross domestic product contraction for 2022.<\/p>\n<p>The World Bank did not immediately respond to a request for comment.<\/p>\n<p> (Reporting by Uditha Jayasinghe in Colombo and Tanvi Mehta in New Delhi; Editing by Tom Hogue, Robert Birsel)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/sri-lanka-cabinet-approves\/attachment\/a-general-view-of-the-main-business-district-as-rain\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9A07C-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9A07C-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>COLOMBO (Reuters) -Sri Lanka\u2019s cabinet has approved a proposal to downgrade the island nation\u2019s economic status to \u201clow income country\u201d, in order to get access to concessional funding from international<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1682508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1682508"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1682508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1682508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1682508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}