Sri Lanka Inks Debt Restructuring Deal with Saudi Fund

Sri Lanka has entered into bilateral amendatory loan agreements with the Saudi Fund for Development as a strategic move in its external debt restructuring process, according to a statement issued by the nation's finance ministry on Wednesday.

The total restructured debt amounts to 516.95 million riyals, which is approximately $137.83 million. The agreements were officially signed earlier in the week on Monday, marking a significant step in Sri Lanka's economic agenda.

This development occurs as the South Asian nation attempts to navigate financial challenges. With the exchange rate pegged at $1 equating to 3.7505 riyals, the news underscores efforts to stabilize the economy through international collaboration.

(With inputs from agencies.)