Sri Lanka approves controversial foreign debt deal

Sri Lanka’s new government has approved a $14.7 billion foreign debt restructuring deal negotiated by the previous administration. The agreement includes a 27% principal reduction and 11% interest cut for private creditors. This restructuring, crucial for IMF support, covers $12.5 billion in international sovereign bonds and $2.2 billion owed to China Development Bank. The deal aims to help rebuild Sri Lanka’s economy following its 2022 crisis.READ FULL