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By: Mansoor Ali ( Admin)
The central bank predicts a 3% economic expansion in 2024, following a 2.3% contraction in 2023
The entire debt restructuring process aims to reduce Sri Lanka's debt burden by $16.9 billion
Sri Lanka will save $5 billion in interest payments through bilateral debt restructuring.
Deals with China and other creditor nations restructure about $10 billion in bilateral debt
The repayment period has been extended by eight years to 2043 with interest rates adjusted to 2.1% or less
The restructuring follows Sri Lanka's first-ever default on foreign debt in September 2022 due to low foreign exchange reserves.
The debt rework is backed by a $2.9 billion IMF program aimed at restoring debt sustainability
Sri Lanka needs to finalize restructuring of $2.2 billion with China Development Bank