India writes to IMF backing Sri Lanka's debt restructuring plan: Report

Sri Lanka owes India around $1 billion that will come under the debt restructuring plan

India has told the International Monetary Fund (IMF) it will support Sri Lanka's debt restructuring plan, a source with direct knowledge of the matter said, as the island nation races to secure a $2.9 billion bailout from the global lender.

The country of 22 million people is facing its worst economic crisis since independence from Britain in 1948, and policymakers have been grappling with multiple challenges over the past year including a shortage of dollars, runaway inflation and a steep recession.

"India has written to the IMF," the source told Reuters, asking not to be named because they