India approves US$1 bn line of credit for Sri Lanka to help pay for key imports
- The Government of India has approved USD 1 billion line of credit (LoC) for Sri Lanka, to help the Island nation for importing food, essential items and medicine.
- Sri Lankan Finance Minister Basil Rajapaksa is visiting India on March 15, 2022 to seal the deal.
- The island nation Sri Lanka is currently facing severe economic crisis. The LoC is being extended by India in line with its efforts to assist its neighbouring country in fight against the COVID-19 pandemic, and to mitigate its adverse impact and its developmental priorities.
Source: Business Standard