Sri Lanka Secures Debt Restructuring Deal with Creditor Nations

Sri Lanka has reportedly reached a debt-restructuring agreement with creditor nations, although an official confirmation is still pending. The heavily indebted country has been trying to restructure its debt since last year after defaulting on its foreign debt in May 2022. The agreement with bilateral lenders comes after a recent deal with the Export-Import Bank of China (EXIM), which will help Sri Lanka clear the first review of an IMF bailout and secure further funding from the Asian Development Bank and the World Bank. However, the country still needs to reach an agreement with bondholders who hold the majority of its international sovereign bonds.