Sri Lanka's Parliament approves a debt restructuring plan in an attempt to overcome economic crisis
Sri Lanka’s Parliament as voted to support a proposal to restructure a staggering domestic debt in a special session as the Indian ocean island nation struggles to emerge from an unprecedented economic crisis COLOMBO, Sri Lanka -- Sri Lanka’s Parliament voted to support a proposal to restructure a staggering domestic debt in a special session Saturday as the Indian ocean island nation struggles to emerge from an unprecedented economic crisis . The proposal was approved with 122 lawmakers voting for it and 62 against it, in the 225-member house. The parliament’s approval enables the government to go ahead with the proposed restructuring plan which is part of the prerequisites of a bailout package approved by the International Monterey Fund — which has described Sri Lanka’s debt as unsustainable — to help alleviate the country’s humanitarian crisis . Sri Lanka’s total debt has exceeded $83 billion, of which $41.5 billion is foreign and $42.1 billion is domestic. Under the proposed dome...