A special session of Sri Lanka’s Parliament on Sunday approved a domestic debt restructuring plan that is crucial to continue a $2.9 billion bailout from the International Monetary Fund (IMF). The plan passed with a majority of 122 votes in the 225-member parliament.

Domestic debt restructuring (DDR) is a key condition in the IMF programme, through which a bailout package of $3 billion was approved for Sri Lanka in March.

Sri Lanka tumbled into its worst financial crisis in more than seven decades last year after the country’s dollar reserves shrank to record lows, triggering mass protests, a foreign debt default, and the resignation of its former president.