Sri Lanka’s President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. The agreement marks a key step in the country’s economic recovery after defaulting on debt repayment in 2022.
Sri Lanka is under an International Monetary Fund bailout program and the debt treatment deal is expected to reopen the doors to bilateral transactions and the resumption of foreign projects stalled when the island nation defaulted.
