Sri Lanka Crisis India extends 13 Lines of Credit to Sri Lanka worth more than USD 2 billion

India extends 13 Lines of Credit to Sri Lanka worth more than USD 2 billion- India TV Hindi News
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India extends 13 Lines of Credit to Sri Lanka worth more than USD 2 billion

Highlights

  • $5 billion overall aid to Sri Lanka
  • Central government gave full account in Parliament
  • Central government gave full account in Parliament

Sri Lanka Crisis: The central government told Parliament on Thursday that one of the major recipients of India’s development assistance is the economic challenges facing neighboring country Sri Lanka. The government informed that 13 loan aids totaling US$ 2.68 billion have been provided to Sri Lanka. This information was given by Minister of State for External Affairs V Muraleedharan in a written reply to a question in Rajya Sabha.

Granted 13 Lines of Credit of $2.68 Billion

Minister of State for External Affairs V Muraleedharan said in Rajya Sabha that India attaches high priority to its relations with its neighbors and India’s “Neighbourhood First” policy focuses on building beneficial, people-oriented regional structures for stability and prosperity. . He said, “Sri Lanka is one of the major recipients of development assistance provided by the Government of India. India’s overall assistance to Sri Lanka is more than US$ 5 billion, of which about US$ 600 million is grant-in-aid and the rest is concessional loans. has been provided to.

Cooperation in solving economic challenges
It is noteworthy that Sri Lanka is going through a period of severe financial crisis and due to lack of foreign exchange, it is facing difficulty in importing essential items including food, fuel and medicines. Muraleedharan said India has continued to assist Sri Lanka in its economic development as well as in addressing its economic challenges. He said that in January 2022, India under the Regional Association of South Asian Countries (SAARC) framework exchanged USD 400 million with Sri Lanka and postponed the successive payments to the Asian Clearing Union (ACU) till July 6, 2022. Gave.

Assistance to buy essential items
Muraleedharan said an aid of $ 500 million was provided to Sri Lanka for importing fuel from India and also provided a facility of $1 billion for the purchase of food and other essentials from India. He said an assistance of $55 million was provided for the purchase of essential medicines, kerosene and urea fertilizers worth about Rs.6 crore. He said the Tamil Nadu government contributed $16 million worth of rice, milk powder and medicines to the wider Indian aid effort. Tamil Nadu government provided milk powder and medicines.

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