India extends $1 billion credit line for Sri Lanka by a year

India extends $1 billion credit line for Sri Lanka by a year

Daily Current Affairs   /   India extends $1 billion credit line for Sri Lanka by a year

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Category : International Published on: May 11 2023

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  • India has extended a $1 billion credit line for Sri Lanka by one year.
  • The credit line, part of about $4 billion in emergency assistance extended by India during the peak of Sri Lanka's financial crisis early last year, was scheduled to end in March.
  • Post-negotiations, the credit line was extended until March 2024
  • Sri Lanka, which faced its worst financial crisis in decades, experienced slump in its forex reserves last year and struggled to pay for crucial imports such as fuel, cooking gas, and medicine. 
  • However, the situation has improved since then, with Sri Lanka securing a nearly 3 billion USD bailout package from the International Monetary Fund in March and initiating debt restructuring talks with key bilateral creditors including India, Japan, and China.
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