India extends USD 1 billion credit score rating line to Sri Lanka by one different yr

By PTI

COLOMBO: India on Tuesday extended its USD 1 billion credit score rating line to Sri Lanka by one different yr to help the island nation hit laborious by an unprecedented monetary catastrophe procure much-needed meals, medicine and completely different essential objects.

An settlement was signed between the State Bank of India (SBI) and the Sri Lankan authorities for USD 1 billion credit score rating facility in March closing yr.

India extended the credit score rating line to Sri Lanka on the highest of the nation’s monetary catastrophe.

“India reaffirms its commitment to the people of Sri Lanka. The Amendment Agreement signed in presence of Hon. Minister @ShehanSema today will enable Sri Lanka to use the USD 1 billion Indian credit facility for the procurement of medicine, food, and other essentials for one more year,” the Indian High Commission in Sri Lanka tweeted.

“Beyond the original duration, that is, till March 2024. The facility was extended by India through @TheOfficialSBI in response to a specific request from GOSL and forms a part of the multi-pronged assistance of USD 4 billion provided by India last year,” it talked about.

Since closing yr, the credit score rating facility has been used for urgent procurement of gasoline, medicine, meals objects and industrial raw provides, as per the requirements and priorities of Sri Lanka.

India extended multi-pronged assist of about USD 4 billion to Sri Lanka closing yr, by various credit score rating strains and overseas cash help, in keeping with India’s ‘Neighbourhood First’ protection.

India’s continued help to Sri Lanka is a testament to “our abiding commitment to stand with the government and the people of Sri Lanka towards early economic stabilisation and recovery,” the Indian High Commission talked about.

Sri Lanka was hit by an unprecedented financial catastrophe in 2022, the worst since its independence from Britain in 1948, on account of a excessive paucity of abroad alternate reserves, sparking political turmoil inside the nation which led to the ouster of the all-powerful Rajapaksa family.

Meanwhile, Sri Lanka launched on Tuesday that it has commenced the preliminary work to resume the abandoned Japan-funded Light Rail Transit (LRT) mission.

The cabinet licensed President Ranil Wickremesinghe’s proposal to resume the mission.

Wickremesinghe visited Japan closing week.

“Due to the stopping of various agreements and proposals immediately, President Wickremesinghe went to Japan after creating the background to clear among the many worries we have,” Cabinet spokesman and minister Bandula Gunawardena instructed reporters.

Former President Gotabaya Rajapaksa unilaterally cancelled the USD 1.5 billion LRT mission and the Colombo Port’s East Container Terminal (ECT) initiatives in 2021.

Japan agreed to fund the LRT mission whereas moreover displaying curiosity inside the ECT mission along with India and Sri Lanka.

COLOMBO: India on Tuesday extended its USD 1 billion credit score rating line to Sri Lanka by one different yr to help the island nation hit laborious by an unprecedented monetary catastrophe procure much-needed meals, medicine and completely different essential objects.

An settlement was signed between the State Bank of India (SBI) and the Sri Lankan authorities for USD 1 billion credit score rating facility in March closing yr.

India extended the credit score rating line to Sri Lanka on the highest of the nation’s monetary catastrophe.googletag.cmd.push(carry out() googletag.present(‘div-gpt-ad-8052921-2’); );

“India reaffirms its commitment to the people of Sri Lanka. The Amendment Agreement signed in presence of Hon. Minister @ShehanSema today will enable Sri Lanka to use the USD 1 billion Indian credit facility for the procurement of medicine, food, and other essentials for one more year,” the Indian High Commission in Sri Lanka tweeted.

“Beyond the original duration, that is, till March 2024. The facility was extended by India through @TheOfficialSBI in response to a specific request from GOSL and forms a part of the multi-pronged assistance of USD 4 billion provided by India last year,” it talked about.

Since closing yr, the credit score rating facility has been used for urgent procurement of gasoline, medicine, meals objects and industrial raw provides, as per the requirements and priorities of Sri Lanka.

India extended multi-pronged assist of about USD 4 billion to Sri Lanka closing yr, by various credit score rating strains and overseas cash help, in keeping with India’s ‘Neighbourhood First’ protection.

India’s continued help to Sri Lanka is a testament to “our abiding commitment to stand with the government and the people of Sri Lanka towards early economic stabilisation and recovery,” the Indian High Commission talked about.

Sri Lanka was hit by an unprecedented financial catastrophe in 2022, the worst since its independence from Britain in 1948, on account of a excessive paucity of abroad alternate reserves, sparking political turmoil inside the nation which led to the ouster of the all-powerful Rajapaksa family.

Meanwhile, Sri Lanka launched on Tuesday that it has commenced the preliminary work to resume the abandoned Japan-funded Light Rail Transit (LRT) mission.

The cabinet licensed President Ranil Wickremesinghe’s proposal to resume the mission.

Wickremesinghe visited Japan closing week.

“Due to the stopping of various agreements and proposals immediately, President Wickremesinghe went to Japan after creating the background to clear among the many worries we have,” Cabinet spokesman and minister Bandula Gunawardena instructed reporters.

Former President Gotabaya Rajapaksa unilaterally cancelled the USD 1.5 billion LRT mission and the Colombo Port’s East Container Terminal (ECT) initiatives in 2021.

Japan agreed to fund the LRT mission whereas moreover displaying curiosity inside the ECT mission along with India and Sri Lanka.