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Last Updated : 2024-04-23 20:04:00
17 March 2022 02:39 pm - 16 - {{hitsCtrl.values.hits}}
Sri Lanka on Thursday signed USD 1 billion credit line with India for procurement of food, medicines and other essential items, amid the island nation's worsening economic crisis.
The agreement was signed between the State Bank of India (SBI) and the Government of Sri Lanka, during Sri Lankan Finance Minister Basil Rajapaksha's two-day visit to India.
This agreement was signed after Rajapaksa held a meeting with Union Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar in New Delhi today. The Ministers discussed wide-ranging issues of mutual interest and economic cooperation.
This signing of the credit facility comes a day after Rajapaksa on Wednesday met PM Modi and thanked him for extending support for the Sri Lankan economy.
PM Modi spoke about the central role that Sri Lanka occupies in India's 'Neighbourhood First' policy and its S.A.G.A.R (Security and Growth for all in the Region) doctrine. Modi reiterated that India would continue to stand with the friendly people of the neighbouring country.
Sri Lanka has seen its national currency getting devalued significantly against major international currencies, in addition to crippling fuel and gas shortages and daily electricity cuts.
As Sri Lanka faces a severe economic crisis, India has continued to assist its neighbouring country in its fight against the COVID-19 pandemic, and to mitigate its adverse impact and its developmental priorities.
India provided more than USD 500 million in foreign currency swaps to strengthen Sri Lanka's foreign reserves, taking the total up to USD 900 million. India also extended the repayment time frame for the USD 500 million debt of Sri Lanka under the Asian Clearance Arbitration.
Espousing India's Neighborhood first policy, Jaishankar said that India stands with Sri Lanka.
"Neighborhood first. India stands with Sri Lanka. USD 1 billion credit line signed for the supply of essential commodities. Key element of the package of support extended by India," Jaishankar tweeted. (ANI)
Sam Silva Thursday, 17 March 2022 06:00 PM
Then why do you seek imf assistance. Now the governor could stay back.
Mandyan Thursday, 17 March 2022 06:00 PM
No money but essential items on credit!!
Sam Silva Thursday, 17 March 2022 06:01 PM
Getting into future and deeper debt which our children will have to bear.
Punchi Banda Thursday, 17 March 2022 06:23 PM
What happened to unlimited loans from our as close as lips and teeth friend China ?
BuffaloaCitizen Thursday, 17 March 2022 07:07 PM
China has taken sovereignty of H'tota Port. For more money, they want the sovereignty of Rajapakse's balls but these days it is only fit to be kicked.
Kikazaru Thursday, 17 March 2022 06:33 PM
As a citizen we would like to know the terms and conditions agreed by the two parties for this load.
Island fever Friday, 18 March 2022 09:09 AM
This is what I too have been wanting to see. No one is asking or reporting relevant facts. Publish the terms of the agreement for transparency. Public needs to know because they are the ones paying back these ridiculous debts.
Sri Wickrema Thursday, 17 March 2022 06:35 PM
Interval in hell kicked off for a short period.
Citizen Thursday, 17 March 2022 06:44 PM
Another day of begging passed and one more billion addition to loan
Cat is out of the box Thursday, 17 March 2022 06:53 PM
India paid for the trade unions and all kinds of sabotaging acts created by our own people.
Econ-mutt Thursday, 17 March 2022 07:05 PM
More $$$, more money, more loans and our economic crisis worsens!! These idiotic "experts"must be thinking we are bloody fools!!!!!
T Silva Friday, 18 March 2022 07:22 AM
The clever Indian kallathonis have tied this loan ? Credit facility to Indian purchases only. No actual money is being given to us to subsidise the triple triumvirate destroying our country. So this is a win win situation for India. So no
Sambo Friday, 18 March 2022 07:54 AM
What language did the Kalu Kaputa spaek. Was it Hindi as he cannot speak both Sinhala or English.
Sunil Friday, 18 March 2022 09:31 AM
Look at the pride in the faces of Sri Lankan officials after plunging the country into more debt.
Sammy Friday, 18 March 2022 03:54 PM
@T Silva descendants of the original kallathonis who came here 2500 years ago have ruined this country. So they are going back to their motherland for help. Beggars can't be choosers.
Buddy Friday, 18 March 2022 07:21 PM
The rajapaksa bastards have filled their bank accounts. Now they need their daily requirements which will be gained by credit and that will be payed by the people of sri lanka
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