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International Business Times

Business

Amal JAYASINGHE

SHOCKING: Sri lanka seals partial debt deal after financial crash - You Need To See This

Sri Lanka International Monetary Fund Ranil Wickremesinghe OCC

Police use water cannons and tear gas to disperse teachers striking over pay, as the consquences of a 2022 financial crash are still felt today (Credit: AFP)

Cash-strapped Sri Lanka said Wednesday it had clinched a restructuring deal with a majority of bilateral lenders covering up to $5.8 billion in debt, a key step towards recovery after a 2022 financial crash.

The agreement is hoped to allow Sri Lanka to allocate funds to essential public services and secure concessional financing for development, President Ranil Wickremesinghe's office said in a statement.

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