Sri Lanka, Japan agree to resume stalled projects such as light rail

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Sri Lanka and Japan agreed on Saturday to work to resume stalled bilateral projects including a $1.5 billion Japanese-funded light railway. The two nations announced the agreement during a visit to Sri Lanka by Japanese Foreign Minister Yoko Kamikawa. Sri Lanka is working to restructure its foreign debt as part of a $2.9 billion bailout from the International Monetary Fund (IMF), after its worst financial crisis in more than seven decades in 2022 triggered a foreign debt default.