Sri Lanka, July 3 -- The World Bank has granted Upper Middle Income Country (UMIC) status to Sri Lanka after an extensive assessment of its economic performance over the past year. This is a significant achievement, considering the dire economic meltdown experienced by Sri Lankans just four years ago, when foreign exchange reserves fell to their nadir and long lines formed for fuel and other essentials. Actually, Sri Lanka had achieved this status some time back, but the economic crisis intervened and the MIC status was retracted.
This is another sign of global confidence in Sri Lanka's resurgent economy and also debunks the perception that Left-leaning Governments cannot achieve economic progress and good relations with multilateral le...