World Bank upgrades, Senate probe, ADB solar financing

Timeline

1. 2 days ago

   [BUSINESS] 2 sources

   World Bank income classifications of India and Philippines spark debate

   The World Bank keeps India in lower‑middle‑income status but raises the Philippines to upper‑middle‑income, prompting criticism over hidden labour and inequality challenges.

2. 9 days ago

   [INTERNATIONAL] 2 sources

   World Bank: No Country Regressed in 2026, Six Nations Advance

   World Bank reports no economy fell in per‑capita income in 2026; Togo, Jordan, Micronesia, the Philippines, Sri Lanka and Vietnam moved up income brackets.

3. 14 days ago

   [BUSINESS] 3 sources

   Asian Development Bank approves solar energy loans for Bhutan and Sri Lanka

   The Asian Development Bank approved a $160 million loan for large‑scale solar farms in Bhutan and a $35 million package to expand rooftop solar in Sri Lanka, boosting renewable energy, reducing imports and curb

4. 17 days ago

   [POLITICS] 2 sources

   Philippines Senate launches inquiry into new Upper‑Middle‑Income status

   Senator Loren Legarda filed Senate Resolution 505 to examine the Philippines' new Upper‑Middle‑Income status, assessing its social impact, economic challenges and policy implications.

5. 21 days ago

   [BUSINESS] 5 sources

   Sri Lanka Regains Upper-Middle-Income Status as World Bank Reclassifies Nations

   The World Bank upgraded Sri Lanka to upper‑middle‑income in its 2026 review, citing 5% growth in 2025, while India stayed lower‑middle‑income with a $2,760 GNI per capita.

6. 23 days ago

   [BUSINESS] 4 sources

   Philippines Reclassified as Upper-Middle-Income Economy by World Bank

   The World Bank reclassified the Philippines as an upper‑middle‑income economy in July 2026, citing diversified growth and reforms, while highlighting regional disparities, especially in Mindanao.

7. 25 days ago

   [TECHNOLOGY] 2 sources

   Asian Development Bank funds $57 million rooftop solar expansion in Sri Lanka

   The Asian Development Bank is providing US $57 million to expand rooftop solar in Sri Lanka, aiming to cut electricity costs, boost energy security and create renewable‑energy jobs.

8. 26 days ago

   [BUSINESS] 5 sources

   Sri Lanka Upgraded to Upper‑Middle‑Income Status by World Bank

   World Bank lifts Sri Lanka to upper‑middle‑income status after 5% growth in 2025 and approves $150 million for reforms to boost investment and jobs.

9. 29 days ago

   [BUSINESS] 2 sources

   Sri Lanka’s IMF Review and ADB Clean‑Energy Funding Boost Recovery Drive

   The IMF reviewed Sri Lanka’s governance reforms ahead of a $335‑350 million disbursement, while the ADB approved $57.4 million for rooftop solar and grid upgrades to aid the country’s recovery.

10. about 1 month ago

    [BUSINESS] 2 sources

    World Bank Commits $2 B to Sri Lanka’s Development Framework

    The World Bank has pledged $2 billion to Sri Lanka under a new 2026‑2030 partnership framework, targeting job creation, private‑sector growth and reforms in logistics, energy, tourism and agribusiness.

11. about 1 month ago

    [BUSINESS] 2 sources

    Sri Lanka's IMF Review Leads to Call for Tighter Banking Supervision

    The IMF's third review of Sri Lanka's reform program arrived alongside calls for stronger banking oversight after a Rs 13 billion fraud at the National Development Bank, prompting a forensic audit.

12. about 1 month ago

    [BUSINESS] 2 sources

    Sri Lanka reports $102.2 bn public debt and plans Rs 2 trillion capital spending

    Sri Lanka disclosed a public debt of about $102.2 bn and outlined a Rs 2 trillion capital spending plan for next year, alongside ongoing debt‑restructuring talks and rising revenues.

13. about 2 months ago

    [BUSINESS] 3 sources

    Sri Lanka receives $695 million IMF tranche as reforms earn praise

    Sri Lanka received a $695 million IMF tranche, raising total aid to $2.4 billion, and the Fund lauded the country's reform progress amid ongoing challenges.

14. 2 months ago

    [INTERNATIONAL] 19 sources

    Ghana Shifts to IMF Policy Coordination While Sri Lanka Secures $695 Million Funding

    Ghana moves from IMF bailout to a Policy Coordination Instrument after final review, while Sri Lanka gains $695 million in new IMF funding, bringing total support to $2.4 billion.

15. 2 months ago

    [BUSINESS] 6 sources

    Ghana exits IMF bailout and moves to technical support PCI amid sovereignty concerns

    Ghana ends IMF bailout, shifts to a technical PCI deal as officials deny plans for a new loan amid sovereignty concerns.