‘Will stand by Lanka’: India approves $1bn line of credit | India News

NEW DELHI: India announced a $1 billion line of credit to Sri Lanka on Thursday as part of financial assistance to help the island nation deal with the economic crisis.
After the agreement to extend the credit line was signed, Ministry of External Affairs (MEA) spokesman Arindam Bagchi said that India stands with the people of Sri Lanka and will continue to extend any possible assistance to the land. country.
At a weekly press conference, he said the support would be used to import food, medicine and other essential items. “India stands with the people of Sri Lanka and we will continue to extend any assistance we can at this time. I think we are aware of the economic difficulties the country is facing.” , said Bagchi.
Visiting, Sri Lankan Finance Minister Basil Rajapaksa witnessed the signing of an agreement for an extended $1 billion credit line through SBI.
The signing ceremony was held at the Ministry of Finance in the presence of Rajapaksa, Foreign Minister S Jaishankar and Finance Minister Nirmala Sitharaman.
Last month, India extended a $500 million line of credit to Sri Lanka to help it buy oil products as the island nation was reeling from a severe foreign exchange and energy crisis.
The $1 billion loan forms a key component of the four-pillar economic cooperation agreement agreed between India and Sri Lanka during Minister Rajapaksa’s visit to New Delhi in December. last year, was extended to the Sri Lankan government to purchase food, medicine and other essential items,” the Sri Lankan high commission said.


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