Friday, May 12, 2023

India extends Sri Lanka's access to a $1 billion credit line by one year

India extends $1 billion credit line for Sri Lanka by a year

 COLOMBO: India has extended Sri Lanka's $1 billion credit line by one year, a Sri Lankan official told Reuters on Tuesday. The nation in a state of crisis now has a new way to pay for essential imports thanks to this.

The credit line, which was part of India's approximately $4 billion in crisis assistance extended at the height of Sri Lanka's financial crisis early last year, was scheduled to end in spring.

The Sri Lankan Deputy Treasury Secretary, Priyantha Rathnayake, stated that negotiations led to the extension of the credit line until March 2024.

He expressed to Reuters, "There is around $350 million remaining of the credit line that can be used depending on the situation."

"Regardless, given the addition of new exchange openness watching out, the need isn't anyway sharp as it was by all accounts a year prior."

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