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Sri Lanka Ends Debt Default, Seeks Economic Recovery

Sri Lanka Ends Debt Default, Seeks Economic Recovery

Sri Lanka has officially declared the end of its debt default, a move marking a critical step towards stabilizing its economy. The nation, which defaulted on $46 billion in foreign debt in April 2022 due to a severe financial crisis, has restructured $13 billion with international creditors. This includes cutting interest rates and extending repayment timelines. Finance Minister Nandalal Weerasinghe expressed confidence in rebuilding investor trust and improving economic prospects. The development follows a bailout from the IMF and aims to restore economic growth after last year’s devastating inflation and fuel shortages.

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