Sri Lanka Reaches Debt Deal with China to Restructure $4.2 Billion as Part of IMF Bailout

Sri Lanka reached a debt restructuring deal with China to restructure $4.2 billion of debt
The deal with China Exim Bank is a key milestone in Sri Lanka's efforts to recover economically from its financial crisis
Sri Lanka defaulted on its foreign debt in May 2022 amid its worst financial crisis in decades
Reaching deals with creditors will allow Sri Lanka to keep accessing funds from a $3 billion IMF bailout program
Other creditors like Japan, India and France have asked for the same terms as China in restructuring discussions