Indian USD 1 Billion credit facility extended until March 2024

30 May 2023 01:56 pm Views - {{hitsCtrl.values.hits}} 8 Bookmark

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Sri Lanka has been granted an extension of the credit facility signed last year, with India providing access to a USD 1 billion credit facility until March 2024.

The agreement, which was originally signed in March 2022, has now been extended, allowing Sri Lanka to continue importing essential commodities.

The signing ceremony took place today in the presence of State Minister of Finance Shehan Semasinghe, senior officials from the Sri Lankan Ministry of Finance, and representatives from the High Commission of India in Colombo. It is worth noting that officials from the State Bank of India participated virtually from India.

The credit facility, initially provided by India last year, enables Sri Lanka to procure urgent supplies of fuel, medicines, food items, and industrial raw materials according to the government's requirements and priorities. This extension is part of India's comprehensive assistance to Sri Lanka, totaling approximately USD 4 billion last year, in line with its Neighbourhood First Policy.

Comments - 8

Sokrates Tuesday, 30 May 2023 03:16 PM

The last few months have revealed who are Sri Lanka's true friends. However, with the so-called best friend, the dictatorial China under the butcher Xi, the friendship stops when it comes to money.

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Tissa Fernando Tuesday, 30 May 2023 05:30 PM

Yes, very very true friend , for selling us all their sub standard products at elevated prices and also selling us fuel they bought from Russia at throw away prices at a 50% margin. Few people in Pohottuwa were making commission payments out of those purchases .

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Jayalalitha Palangedara Tuesday, 30 May 2023 04:24 PM

Wonderful news! Make some kiribath and enjoy!!

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Mahila Tuesday, 30 May 2023 09:16 PM

How about some Fireworks to notify celebration signify achievement!!!!?

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Binura Tuesday, 30 May 2023 09:08 PM

Please note we need to repay this money with interest... This is not help... This is business

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Che Tuesday, 30 May 2023 10:15 PM

Wonder whether this Indian Credit Facility bears payment of interest and at what rate ..?

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S.Siva Wednesday, 31 May 2023 03:01 AM

Just because the loan is there don't buy headaches. Like those other jokers who got the Hambantota harbour and airport.

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Sri Lamba Wednesday, 31 May 2023 11:46 AM

Looks like Sri Lankan's here are ungrateful, despite the help during dire need. India needs to stop the aid.

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