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International Business Times
International Business Times
World

Sri Lanka Signs $2.5b Debt Deal With Japan

Sri Lanka Japan International Monetary Fund Anura Kumara Dissanayake
Japan's ambassador to Sri Lanka Akio Isomata (left) with Sri Lanka finance ministry secretary Mahinda Siriwardana after signing the debt restructuring agreement (Credit: AFP)

Sri Lanka signed a deal with Japan Friday to restructure $2.5 billion in loans, marking the first agreement with bilateral creditors who had pledged debt relief to the cash-strapped nation last year.

Japan said it was granting concessions on a 369.45 billion yen ($2.5 billion) loan under a comprehensive debt treatment plan, which the International Monetary Fund considers essential for Sri Lanka's economic recovery.

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