Debt-stricken Sri Lanka marks independence day as new president pledges to rebuild the country

abcnews.go.com:

Debt-stricken Sri Lanka has marked its 77th independence anniversary with a military parade, while the country’s newly elected president, Anura Kumara Dissanayake, pledged to heal Sri Lanka's economic woes by the end of his five-year term

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka marked its 77th independence anniversary on Tuesday with a military parade, while the country’s newly elected president, Anura Kumara Dissanayake, pledged to heal Sri Lanka's economic woes by the end of his five-year term.

Sri Lanka, which gained independence from Britain in 1948, suffered its worst economic crisis in 2022, forcing the island nation to declare bankruptcy. It also suspended repayments on some $83 billion in domestic and foreign loans amid a foreign exchange crisis that led to a severe shortage of food, medicine, fuel and cooking gas, and hourslong power cuts.

The economic crisis caused political upheaval and finally paved the way for Dissanayake’s party to win power four months ago.

On Tuesday, Dissanayake said he would improve the living standards of all Sri Lankans during his tenure, giving them opportunities to enjoy modern scientific and technological innovations.

Addressing a ceremony in the capital, Colombo, he urged Sri Lankans to work together to win economic, social and cultural freedom, saying, “Everyone has a role to play in this struggle.”

A military parade followed Dissanayake’s speech.

Under Dissanayake’s leadership, Sri Lanka is trying to emerge from bankruptcy by restructuring its staggering debt.

When Sri Lanka declared bankruptcy, it sought the help of the International Monetary Fund, which approved a $2.9 billion four-year bailout package in 2023, under which Sri Lanka was required to restructure its debt.