A proposal to transform Sri Lanka from a middle-income country to a low-income country is scheduled to be presented to the cabinet today.
After submitting a detailed explanation to the Cabinet, approval is to be obtained and then the World Bank is to be notified.
The aim is to obtain concessional funds from the International Development Association (IDA), a branch of the World Bank.
Being designated as a middle-income country is considered ineligible for loans from the International Bank for Reconstruction and Development (IBRD).
