Sri Lanka's President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Sri Lanka President Media Division / Handout | Anadolu Agency | Getty ImagesSri Lanka's President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Furthermore, Sri Lanka will be able to repay all the loans on concessional terms, with an extended period until 2043. By 2022, Sri Lanka had to repay about $6 billion in foreign debt every year, amounting to about 9.2% of gross domestic product. The agreement would enable Sri Lanka to maintain debt payments at less than 4.5% of GDP between 2027 and 2032.

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Persons: Ranil Wickremesinghe, Sri Lanka, Wickremesinghe Organizations: Sri, Sri Lanka President Media, Anadolu Agency, Getty, International Monetary Fund, China's Exim Bank Locations: India, France, Japan, China, Sri Lanka, Paris, Beijing, Sri Lankans