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Zambia is Going to Look Easy Compared to the Financial Mess in Sri Lanka

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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