Wickremesinghe: Debt restructuring deal inked with India, France, Japan, China & others. Analysts: The agreement marks a key step in the Asian country’s economic recovery. Amid massive public discontent, Sri Lanka defaulted on debt repayment in 2022. Back then, the nation suspended repayments on some $83BN in domestic & foreign loans. The economic upheaval forced then-President Gotabaya Rajapaksa to resign in 2022. Analysts: India’s $4 billion in aid saved the island nation from economic anarchy. India will always be the most important bilateral relationship for Lanka politically. The island nation of Sri Lanka is under an International Monetary Fund bailout program. The debt treatment deal is expected to reopen the doors to bilateral transactions . The 2022 foreign exchange crisis led to power cuts and a shortage of food, drugs & fuel. The crisis was largely the result of economic mismanagement and pandemic fallout. Earlier, the 2019 terror attacks devastated its important tourism industry.
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