India extends USD 1 Billion Credit Line for Sri Lanka until March 2024
Sri Lanka has been granted an extension of the credit facility signed March 2022, with India providing access to a USD 1 billion credit facility until March 2024.
Extension of the credit facility will allow 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.
The officials of the State Bank of India participated in the event 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.
Latest Headlines in Sri Lanka
- Audit reveals misuse of electric vehicle permits for migrant workers in Sri Lanka November 23, 2024
- IMF approves third review: Sri Lanka secures $333 million tranche under EFF November 23, 2024
- Sri Lankan President urges accountability and unity for a better future November 23, 2024
- IMF third review talks with Sri Lanka successfully conclude November 22, 2024
- Professor Gomika Udugamasooriya appointed Senior Advisor to President on Science and Technology November 22, 2024
