Sri Lanka seeks to pause loan payments until 2028 as debt-ridden country grapples with bankruptcy
Fox News
Sri Lanka's President, Ranil Wickremesinghe, is seeking a loan repayment pause until 2028 as the country grapples with bankruptcy. The government aims to gradually repay debts.
Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 billion in local and foreign loans amid a severe foreign exchange crisis that led to a severe shortage of essentials such as food, medicine, fuel and cooking gas, and hours-long power cuts.
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