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

India and Tanzania expanded defence cooperation at the 4th JDCC meeting in Zanzibar, adding new focus on cyber, AI and air force collaboration.
Read More....
Divakar Jayant assumed charge as Director General of Naval Armament, bringing over 33 years of defence service experience.
Read More....
Assam sanctioned ₹50 crore to restore Koch dynasty heritage and promote cultural tourism.
Read More....
India and Kyrgyzstan launched the 13th KHANJAR joint Special Forces exercise in Misamari.
Read More....
IHMCL signed a pact with NFSU to strengthen cyber security in digital highway systems.
Read More....
Indian climber Kabak Yano scaled Mount Aconcagua, advancing her Seven Summits mission.
Read More....
The 6th Badminton Asia Team Championships started in Qingdao with India competing in both events.
Read More....
Moltbook emerged as a global experiment where AI agents interact without human input.
Read More....
Kerala introduced NeophyteID, an AI app for citizen-led tracking of invasive plant species.
Read More....
RBI approved Vinay Tonse as YES Bank’s new MD & CEO for a three-year term.
Read More....