Sri Lanka's parliament approved a domestic debt restructuring plan on Saturday that is crucial to continue a $2.9 billion bailout from the International Monetary Fund (IMF).
Sri Lanka tumbled into its worst financial crisis in more than seven decades last year after the country's dollar reserves shrank to record lows, triggering mass protests, a foreign debt default and the resignation of its former president.
"This debt restructuring plan is essential for Sri Lanka to meet the target set by the IMF agreement to reduce debt from the current 128% of GDP to 95% of GDP by 2023," State Minister of Finance Shehan Semasinghe told parliament.Opposition parties called for more transparency in implementing the plan and stronger protection for pension fund holders.
The island's economy improved it secured the$2.9 billion bailout from the IMF in March, which helped tame inflation, improve dollar inflows and appreciate its currency.
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