Sri Lanka Prepares to Endorse Debt Restructuring Blue Print
- President Wickremesinghe reassures stability of banking system
- Nation’s parliament expected to meet Saturday to ratify plan
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Sri Lanka is on the final lap of unveiling its debt restructuring strategy, highlighting a key step in the nation’s efforts to pull its economy from the worst crisis in seven decades.
The South Asian island’s cabinet at a special meeting on Wednesday, unanimously approved a blueprint for the overhaul of domestic debt, according to the media unit of President Ranil Wickremesinghe, who is also finance minister. The nation’s Parliament will convene on July 1 to discuss the strategy proposed by the finance ministry, the unit said in a text message.