Sri Lanka Nears IMF Bailout as India Said to Back Debt Plan
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Sri Lanka’s debt negotiations with China and India “are successful,” according to President Ranil Wickremesinghe, bringing the bankrupt nation closer to clearing a major hurdle to unlock $2.9 billion from the International Monetary Fund.
The nation’s president, who doubles as finance minister, spoke before the parliament Tuesday, without providing details. Before that, a person with knowledge of the matter told Bloomberg News that India formally notified that it would support Sri Lanka’s debt restructuring plan late Monday.