India will support Sri Lankas debt restructuring plan as the island nation looks to trim its huge public expenditure to win approval for a crucial bailout from the International Monetary Fund. India formally notified that it would support Sri Lankas debt restructuring plan. Sri Lanka 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. Sri LankaowesIndia around $1 billion that will come under the debt restructuring plan. New Delhi also separately providedSri Lankawith about $4 billion in rapid assistance between January and July last year, including credit lines, a currency swap arrangement and deferred import payments.