Sri Lanka sees $17 billion debt restructuring in five years

FILE PHOTO: People wait in line to buy domestic gas tanks near a distributor, amid the country's economic crisis, in Colombo, Sri Lanka, May 23, 2022. REUTERS/Dinuka Liyanawatte/File Photo

COLOMBO (Reuters) - Sri Lanka anticipates restructuring $17 billion out of a total $41.5 billion of foreign debts within a five-year term, its president said on Tuesday.

President Ranil Wickremesinghe also said restructuring of local debt will have no impact on the stability of the country's banking system.