Sri Lanka seals partial debt deal after financial crash

The agreement is hoped to allow Sri Lanka to allocate funds to essential public services and secure concessional financing for development, President Ranil Wickremesinghe's office said in a statement. The country defaulted on its foreign debt in April 2022 after running out of foreign exchange, and the unprecedented economic crisis forced then president Gotabaya Rajapaksa to step down. "Sri Lanka reached a final restructuring agreement for $5.8 billion of debt with its bilateral lenders' Official Creditor Committee (OCC) in Paris...