Sri Lanka needs to restructure $1 billion debt maturing in July: Ali Sabry

Ali Sabry. Credit: IANS Photo

Sri Lanka must look to restructure a $1 billion international sovereign bond maturing in July, said Ali Sabry, who recently submitted his resignation as finance minister amid a massive economic crisis.

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Sabry told parliament the country should seek a financial bailout, debt moratorium or some other means to address the crisis. It was not immediately clear if President Gotabaya Rajapaksa had accepted his resignation sent on Tuesday.

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