Sri Lanka unveils debt restructure plan to tackle economic crisis ...Middle East

COLOMBO: Sri Lanka's central bank on Thursday unveiled a far-reaching domestic debt restructuring plan aimed at restoring stability after an economic and political crisis last year that led to the toppling of then-president Gotabaya Rajapaksa.The move comes as Colombo tries to meet conditions as part of a $2.9 billion International Monetary Fund bailout agreed in March and which is crucial to the country's recovery.The bank envisions a 30 percent haircut on dollar-denominated bonds, including international sovereign notes.Sri Lanka defaulted on its $46 billion foreign debt in April last year after running out of foreign exchange to finance even the most essential food, fuel and medicines.Mon

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