Sri Lanka graduates above IMF low income status: Central Bank

Jan 21, 2010 (LBO) – Sri Lanka has moved out of the countries eligible for financing from the International Monetary Fund’s poverty reduction and growth facility with greater access to capital markets and higher incomes, the Central Bank said. “Accordingly, Sri Lanka will now be recognised as a country with a middle income emerging market status,” the Central Bank said in a statement.

“This upgrade would facilitate Sri Lanka to project itself strongly in international financial and capital markets.”

Central Bank said a country graduates out of the list only after showing per capita income above the World Bank’s International Development Association (IDA) threshold for a several years, has substantial and durable access to international capital markets and do not face serious short-term vulnerabilities.

The full statement is reproduced below:

The International Monetary Fund (IMF) has, on 11 January 2010 graduated Sri Lanka from the list of Poverty Reduction and Growth Trust (PRGT) eligible countries.

Accordingly, Sri Lanka will now be recognised as a country with a middle income emerging market status. This upgrade would facilitate Sri Lanka to project itself strongly in international financial and capital market