B | Colombo, Oct 11 (UNI) The Sri Lankan cabinet has given the nod to demote the island nation to a lower income status with a view to have more access to financial assistance, loans and concessions. The proposal was made so that the crisis-stricken country can gain concessionary funding from the International Development Association (IDA), the Daily Mirror reported on Tuesday. Sri Lanka is currently categorised as a Developing/Emerging lower-middle income economy. In 2020 the island nation was downgraded to its current status just a year after it was elevated to the upper middle-income category. UNI MR。