Sri Lanka seeks $17 billion debt reduction by restructuring
Sri Lanka’s president has asked its parliament to approve a four-year International Monetary Fund program to restructure the country's $17 billion in foreign debt
By KRISHAN FRANCIS
Published - Apr 26, 2023, 05:27 AM ET
Last Updated - Jun 22, 2023, 03:48 AM EDT
COLOMBO, Sri Lanka AP" target="_self">(AP) — Sri Lanka’s president urged lawmakers Wednesday to approve a four-year International Monetary Fund program to restructure the country’s $17 billion in foreign debt.
Parliament began a three-day debate Wednesday on President Ranil Wickremesinghe’s proposal to accept the IMF program. It will be followed by a vote.
If approved, the plan would dictate how Sri Lanka’s crisis-stricken economy will be managed in the coming few years.
A majority of lawmakers are expected to accept the IMF’s four-year bailout program. Under the plan, the international development lender will provide nearly $3 billion in stages.
