Cabinet to meet today

(FASTNEWS | COLOMBO) – President Ranil Wickremesinghe is expected to chair a Cabinet meeting today, October 10 at the Presidential Secretariat.

According to government sources, the meeting is held to discuss obtaining World Bank assistance.

A proposal to downgrade the country from middle-income status to a low-income status in order to qualify for preferential funding from international organizations will be presented at the Cabinet meeting.

This is because the poorest and most vulnerable nations in the world receive additional concessionary funding from the World Bank. Still, Sri Lanka is not eligible because it is a middle-income country.