Sri Lanka, Aug. 27 -- Sri Lanka will begin using the Commonwealth Meridian software from next month to manage public debt as part of the economic recovery plan.

The decision to adopt a new system follows recommendations from the International Monetary Fund (IMF) and World Bank to establish a Public Debt Management Office. It comes after Sri Lanka defaulted on its foreign debt in 2022 during a severe economic crisis, which forced it to seek IMF assistance.

Since then, the government has been working with the IMF and World Bank on reforms to restore economic stability, including restructuring debt and improving the management of its borrowings.

Commonwealth support

At the IMF's request, the Commonwealth Secretariat has been advising the...