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IMF Upgrades Sri Lanka's Status to Middle Income Emerging Market
January 21, 2010Sri Lanka will now be recognized as a country with a "Middle Income Emerging Market" status with The International Monetary Fund (IMF) graduating Sri Lanka from the list of Poverty Reduction and Growth Trust (PRGT) eligible countries on 11 January 2010. This upgrade would facilitate Sri Lanka to project itself strongly in international financial and capital markets, states the Central Bank. A country graduates from PRGT only if it, (i) has enjoyed income per capita well above the International Development Association (IDA) threshold for a number of years, (ii) has the capacity for durable and substantial access to international financial markets, and (iii) does not face serious short-term vulnerabilities. According to the Central Bank, the Executive Board of the IMF has taken into account the following specific factors in considering of Sri Lanka's graduation. Full release.