Sri Lanka, Oct. 27 -- The Government of Sri Lanka and the Government of Australia have entered into bilateral agreements on external debt restructuring, marking a significant milestone in Sri Lanka's ongoing efforts to restore debt sustainability and revamp its economy.

These agreements reflects the strong commitment of the Government of Sri Lanka to conclude the external debt restructuring process in a timely manner, following the Memorandum of Understanding (MoU) reached with the Official Creditor Committee (OCC), said the Ministry of Finance, Planning and Economic Development.

Through constructive bilateral discussions, the Government of Australia has agreed to extend debt relief to Sri Lanka by rescheduling outstanding debt obligati...