Sri Lanka’s Cabinet on Wednesday approved a program to restructure the country's staggering domestic debt as the island nation struggles to emerge from an economic crisis that has engulfed it since last year.
The domestic debt restructuring is required as part of a bailout package obtained from the International Monterey Fund, under which nearly $3 billion in government budgetary support will be disbursed in stages. Sri Lanka’s total debt exceeds $83 billion, of which $41.5 billion is foreign and $42.1 billion is domestic.
