Sri Lanka, Oct. 28 -- Export Finance Australia and the Government of Sri Lanka have signed a bilateral agreement on external debt restructuring, marking a significant milestone in Sri Lanka's ongoing efforts to restore debt sustainability and revitalise its economy, a news release from the Australian High Commission said yesterday.

Australia has been a steadfast supporter of the Government of Sri Lanka's efforts to restructure its debt, following the temporary suspension of external debt repayments in April 2022. As a member of the Official Creditor Committee (OCC) of the Paris Club, Australia co-signed the initial Memorandum of Understanding in June 2024, enabling further payments to Sri Lanka under the International Monetary Fund's Ext...