India-Sri Lanka
Economic crisis: India extends aid worth USD 3.9 billion to help Sri Lanka
Colombo/New Delhi: India has extended aid worth USD 3.9 billion to help Sri Lanka sustain itself in face of the acute economic and financial crisis and meet its immediate needs such as medicines, cooking gas, oil and food items, local media reports said on Sunday.
In February 2022, India in order to help Sri Lanka overcome its fuel shortage, signed an agreement for the supply of petroleum products worth USD 500 million from the Indian Oil Company through a credit line, reports Sri Lanka based news publication News 19 as quoted by ANI.
This was expanded by an additional USD 200 million worth of petroleum products in April 2022.
India’s EXIM bank and State bank of India, for the import of essential commodities, extended export credit facilities worth USD 1,500 million to Sri Lanka. India also concluded a USD 400 million agreement with Sri Lanka to help preserve the country’s forex reserves, the news agency reported.
A USD 1 billion credit line for essential goods, a USD 500 million credit line for fuel, and a USD 55 million credit line for fertiliser have been extended to Sri Lanka, News 19 reported as quoted by ANI.
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