• Wed. Jul 24th, 2024

Sri Lanka to obtain $1 bn credit from India

Sri Lanka and India flags together textile cloth, fabric texture

Sri Lanka’s Finance Minister Basil Rajapaksa signed a $1 billion credit line with India on Thursday to help ease crippling shortages of essential items, including fuel, food and medicine, officials said.

“India stands with Sri Lanka,” Indian Foreign Minister S. Jaishankar said in a tweet.

Sri Lanka’s foreign exchange reserves have fallen 70% in the past two years to about $2.31 billion, leaving it struggling to pay for imports.

The country will work with the International Monetary Fund (IMF) to find a way out of the crisis, President Gotabaya Rajapaksa said on Wednesday.

Source – Ada Derana

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