IMF asks Sri Lanka to restructure debt before bailout ...Middle East

COLOMBO: The International Monetary Fund said on Wednesday that it has asked cash-strapped Sri Lanka to “restructure” its huge foreign debt before a bailout programme could be finalised as anti-government protests escalated across the island.Sri Lanka opened talks with the IMF in Washington this week after announcing its first ever default on external borrowings.The South Asia country is in the grip of its worst economic crisis since independence in 1948 and has been rocked by a wave of protests over food and fuel shortages.“When the IMF determines that a country’s debt is not sustainable, the country needs to take steps to restore debt sustainability prior to IMF lending,“ the Fund’s countr

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