Sri Lanka was able to stave off bankruptcy in 2022 thanks to loans from the International Monetary Fund, and countries like China and India. But now everyone is feeling the pressure from the country’s enormous $92bn (£69bn) debt burden, which includes both foreign and national debt.

Sri Lanka's government said on Thursday it has agreed to a preliminary deal with its creditors to restructure about $12.5 billion in international bonds. The agreement will end an over two-year spell in default for Sri Lanka.