Billboard in Colombo announces the return of ousted former Sri Lankan president Gotabaya Rajapaksa who ended his self-imposed exile in Thailand and came back to the island on September 4, 2022. Amal JAYASINGHE / AFP
A broad cross-section of the international financial community is warning that Sri Lanka’s major creditors must move quickly to restructure the country’s debts or else full-scale economic collapse is inevitable.
The latest warning signal came from the Hong Kong office of Fitch Ratings which cautioned that Colombo would have to default again on a portion of its debt obligations, this time local bonds, unless the debt restructuring process speeds up.
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