Sri Lanka and a group of its creditor nations said on Wednesday they have reached an agreement in principle on debt restructuring, a key step needed for the South Asian nation to emerge from its severe economic crunch.
The deal will help Sri Lanka clear the first review of a bailout under the International Monetary Fund (IMF) executive board program by the year end, which would trigger a second IMF tranche of about $334 million.
"This agreement serves as a key milestone in Sri Lanka's ongoing endeavour to achieve public debt sustainability and to foster economic recovery," said Sri Lanka's treasury secretary Mahinda Siriwardana.
The small island nation, mired in its worst financial crisis in decades, has been trying to reach restructuring deals with creditors since last year after defaulting on its foreign debt in May 2022 due to recordlow foreign exchange reserves.
Diese Geschichte stammt aus der November 30, 2023-Ausgabe von Mint Mumbai.
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