Sri Lanka’s President seeks a moratorium on foreign debt repayments until 2028, following a default during the nation’s economic crisis. The default led to severe shortages and protests, resulting in the previous president’s ouster in 2022. Talks are ongoing with creditors to restructure billions in loans. Sri Lanka’s foreign debt stands at USD 52.65 billion. To maintain an IMF bailout, Sri Lanka needs deals with foreign creditors by June. China, its largest bilateral lender, offered relief, prompting the IMF’s loan tranche release. The Chinese deal involves extending loan tenure and reducing interest. Sri Lanka stabilizes its economy through tax hikes and subsidy cuts, aligning with IMF advice.