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26/06/24 | 4:18 pm | Sri Lanka debt deal

Sri Lanka signs debt deal with creditor nations in Paris

Sri Lanka signed a deal with creditor nations to restructure about $5.8 billion in bilateral debt, the office of the country’s president said on Wednesday, in a move that would help stabilise its crisis-hit economy.

Officials from the cash-strapped South Asian nation signed the agreement in Paris with the Official Creditor Committee (OCC), which is co-chaired by Japan, India, and France.

“This agreement grants significant debt relief, allowing Sri Lanka to allocate funds to essential public services & secure concessional financing for its development needs,” the president’s media office said in a statement.

Sri Lanka is also in the process of signing separate bilateral agreements with China EXIM Bank to restructure $4.2 billion of debt, State Minister of Finance Shehan Semasinghe said on social media platform X.


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