STORY: Supporters of Sri Lankan president Ranil Wickremesinghe celebrated on Wednesday (June 26), after he announced signed agreements with China and other creditor nations to restructure about $10 billion in bilateral debt.
The move brings Sri Lanka closer to finalising a debt restructuring process kicked off in September 2022 after its reserves hit their lowest levels and forced the island nation to default on its foreign debt for the first time.
The agreements will be presented to parliament on July 2, President Ranil Wickremesinghe said during a post-signing address to the nation.
.
Wickremesinghe said bilateral loan payments to foreign countries will be postponed till 2028 and that the country will have until 2043 to repay them.
The deals will also allow Sri Lanka to move forward with a $2.9 billion programme with the International Monetary Fund (IMF) aimed at ending its financial crisis
