In the absence of a bailout from the International Monetary Fund, Sri Lanka announced it will default on its $51 billion external debt.

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Crisis-stricken Sri Lanka announced on Tuesday that it would default on its $51 billion external debt in the absence of an IMF rescue.

Creditors, including foreign governments that had lent to the South Asian nation, were free to take advantage of any interest payments due to them beginning Tuesday afternoon or opt for repayment in Sri Lankan rupees, according to the finance ministry.