Sri Lanka's consumer price inflation dropped to minus 1.7% year-on-year in November after easing to minus 0.7% in October, official data showed on Monday, as the country posted a strong rebound from its worst financial crisis in decades.

Mahinda Siriwardana, a top bureaucrat in the Finance Ministry, said in a statement: “December 20 marked a major milestone in our economic recovery process as Sri Lanka officially exited sovereign default.

While macroeconomic outcomes have indeed been satisfactory and the debt restructuring process is completed culminating in the Fitch rating upgrade, people still feel the pain from the crisis and the difficult remedial measures,

Credit ratings agency Fitch on Friday upgraded Sri Lanka's long-term foreign-currency default rating to 'CCC+' from 'restricted default' (RD) following approval by creditors of the country's $12.55 billion debt overhaul earlier this week.