Sri Lanka could exit bankruptcy by September, says president

Sri Lanka could exit bankruptcy by September, President Ranil Wickremesinghe said on Friday, signalling a turnaround for the country which is emerging from its worst financial crisis in decades.
His office said in the statement, Wickremesinghe “expressed confidence that Sri Lanka would overcome its bankruptcy status by September.”
Sri Lanka launched a much-anticipated domestic debt restructuring framework on Thursday that seeks to rework part of its the island nation’s $42 billion domestic debt.
The domestic debt plan is crucial for Sri Lanka, which defaulted on its foreign debt last May, to push forward negotiations with bondholders and key bilateral creditors China, Japan and India.