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Sri Lanka to Save $5 Billion From Bilateral Debt Deal

A woman walks past posters pasted on a roadside wall saying 'good news' in Sinhala language, in Colombo on June 25, 2024. Ishara S.Kodikara / AFP

Sri Lanka will save $5 billion following the restructuring of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday.

The island nation defaulted on its foreign borrowings in 2022 during an unprecedented economic crisis that precipitated months of food, fuel and medicine shortages.

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