Sri Lanka Exploring Debt Relief Through Nature Conservation
- Nation defaulted on debt for first time amid economic crisis
- Authorities in talks with UNDP, other agencies to cancel debt
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Sri Lanka is in talks with the United Nations Development Program and other agencies for a debt-for-nature swap program, as the South Asian island faces its worst economic crisis in decades.
The country is in the preliminary stages of structuring a deal, Anil Jasinghe, secretary to the Ministry of Environment, said by phone on Friday. The plan involves restoring a degraded eco-system in exchange for canceling debt, he said.