Sri Lanka has completed the process of restructuring its public debt and is out of bankruptcy.
Oku.Az This was said in reference to TASS Ali Sabri, former head of the Ministry of Foreign Affairs of Sri Lanka, who published the corresponding order of the Ministry of Finance on economic development, policy and national planning.
Explaining the relevant order, Sabri noted that today Sri Lanka has officially completed the debt restructuring process and emerged from bankruptcy.
According to him, the authorities of the island state have implemented important economic reforms that have contributed to the recovery of Sri Lanka.
It should be noted that in recent years Sri Lanka has been experiencing its worst financial and economic crisis since its independence in 1948. This was due to the decline in foreign tourism due to the pandemic, which led to a shortage of the country’s foreign exchange reserves. As of March 2022, the total debt burden reached 21.6 trillion Sri Lanka rupees (over $58 billion).
