Sri Lanka signed a deal with Japan Friday to restructure $2.5 billion in loans, marking the first agreement with bilateral creditors who had pledged debt relief to the cash-strapped nation last year.
Japan said it was granting concessions on a 369.45 billion yen ($2.5 billion) loan under a comprehensive debt treatment plan, which the International Monetary Fund considers essential for Sri Lanka’s economic recovery.
“The development of Sri Lanka, which is located at a strategic point in the Indian Ocean, is essential for the stability and prosperity of…
