COLOMBO, Dec 5 (Reuters) -- Sri Lanka's government has cut the price of petrol by 20 Sri Lanka rupees ($0.182) a litre with effect from Friday, the prime minister said on Friday.

Sri Lanka has suspended repayment of about $7 billion in foreign loans due this year out of $25 billion to be repaid by 2026. The country’s total foreign debt is $51 billion.

A severe shortfall of dollars spun Sri Lanka's economy into a deep financial crisis two years ago, contracting growth by 7.3% in 2022 and forcing a default on foreign debt.