June 26, 2024 4:20 PM

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 se...