In a bid to address its mounting debt burden, Sri Lanka aims to establish a comprehensive debt restructuring framework within the first half of 2024, as announced by President Gotabaya Rajapaksa. The government recognizes the urgent need to address the country's debt crisis and is committed to implementing measures that will alleviate the financial strain and pave the way for sustainable economic growth.
Sri Lanka has been grappling with a high level of external debt, which has hindered its ability to meet its financial obligations. The COVID-19 pandemic further exacerbated the situation, resulting in a decline in tourism revenue and disruptions to other key sectors of the economy. Consequently, the country has been facing difficulties in servicing its debt, leading to concerns about its long-term economic stability.
