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

World Environment Day 2025 to focus on ending plastic pollution; South Korea to host global celebrations.
Read More....
Geneva to host second session of global plastic pollution treaty talks from August 5 to 14, 2025.
Read More....
RCB wins IPL title for the first time, ending Virat Kohli's 18-year-long wait.
Read More....
June observed as Men's Health Month to raise awareness about men's well-being.
Read More....
Karol Nawrocki wins Polish presidential election with 50.9% votes, defeating pro-EU candidate.
Read More....
India to need 1 million AI professionals by 2026; AI education and tech sector on the rise.
Read More....
PSG wins Champions League for the first time with record 5–0 win over Inter Milan.
Read More....
IIT Delhi and AIIMS sign MoU to set up AI research centre in healthcare.
Read More....
India elected to UN Economic and Social Council for 2026–2028 term.
Read More....
Two Rajasthan wetlands added to Ramsar list, taking India’s total to 91 sites.
Read More....