Debt-laden Sri Lanka marks Independence Day with Thai prime minister as guest of honor

Thai Prime Minister Srettha Thavisin is the guest of honor at Sri Lanka’s 76th Independence Day celebrations

COLOMBO, Sri Lanka -- Thai Prime Minister Srettha Thavisin was the guest of honor at Sri Lanka’s 76th Independence Day celebrations on Sunday, as the island nation struggles to emerge from its worst economic crisis.

Srettha joined Sri Lankan President Ranil Wickremesinghe at a low-key ceremony near the country’s main seaside esplanade that included a military parade and parachute jumps. The holiday commemorates Sri Lanka's independence from British rule in 1948.

Sri Lanka declared bankruptcy in April 2022 with more than $83 billion in debt, more than half of it to foreign creditors. The economic upheaval led to a political crisis that forced then-President Gotabaya Rajapaksa to resign in 2022. The parliament then elected Wickremesinghe as president.

Srettha arrived in Sri Lanka on Saturday and the two countries signed a free trade agreement aiming to boost trade and investment.

Wickremesinghe said on Saturday that Sri Lanka has made significant progress in economic stabilization and sought the help of Thailand in efforts to transform the battered economy and regain international confidence.