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

Change Language English Hindi

Category : International Published on: May 11 2023

Share on facebook
  • 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.
Recent Post's

  • IIM Rohtak’s Team LeBroom won first place at Hermes’ Dialogue 6.0 national debate on energy security hosted by BIMTECH.

    Read More....

  • Indian-origin scientist Deep Jariwala appointed as UT-ORNL Governor’s Chair for Quantum Devices effective January 2027.

    Read More....

  • India withdrew its bid to host the COP33 climate summit scheduled for 2028.

    Read More....

  • Meta launches Muse Spark, a new lightweight AI model focused on complex reasoning and efficiency.

    Read More....

  • Uttarakhand High Court stays felling of oak trees in Mussoorie for construction purposes.

    Read More....

  • UAE becomes world’s first nation to launch commercial upper 6GHz internet network with 10 Gbps speeds.

    Read More....

  • World Homoeopathy Day observed on April 10 with 2026 theme “Homoeopathy for Sustainable Health”.

    Read More....

  • Digital lending firm KreditBee becomes a unicorn after raising $280 million at $1.5 billion valuation.

    Read More....

  • Doordarshan signs MoU with ICCR to promote Indian cultural content globally through multi-platform broadcast.

    Read More....

  • Indian Railways to introduce modern composite sleepers and AI-based Ground Penetration Radar for track monitoring.

    Read More....