India introduced a USD 1 billion line of credit score to Sri Lanka on Thursday as a part of its monetary help to assist the island nation cope with its financial disaster.
After an settlement to increase the road of credit score was inked, Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi stated India has all the time stood with the folks of Sri Lanka and can proceed to increase all potential help to the nation.
At a weekly media briefing, he stated the help shall be used for importing meals, medicines and different important objects.
“India has always stood with the people of Sri Lanka and we will continue to extend all possible support at this juncture. I think we are cognizant of the economic difficulties the country is facing,” Bagchi stated.
Visiting Sri Lankan Finance Minister Basil Rajapaksa witnessed the signing of the settlement for the USD 1 billion line of credit score being prolonged by means of the State Bank of India (SBI).
The signing ceremony was held on the Ministry of Finance within the presence of Rajapaksa, External Affairs Minister S Jaishankar and Finance Minister Nirmala Sitharaman.
Last month, India prolonged a USD 500 million line of credit score to Sri Lanka to assist it buy petroleum merchandise because the island nation has been reeling beneath a extreme overseas change and vitality disaster.
“The USD 1 billion loan facility, which formed the key component of the four-pillar economic cooperation arrangement agreed between India and Sri Lanka during Minister Rajapaksa’s visit to New Delhi in December last year, was extended to the government of Sri Lanka for procurement of food, medicines and other essential items,” the Sri Lankan excessive fee stated in a press release.
Prior to the signing ceremony, Rajapaksa was acquired collectively by Sitharaman and Jaishankar for bilateral talks, it added.
“During the bilateral talks, the two sides agreed to set up a framework for short, medium and long-term economic cooperation between the two countries aimed at addressing Sri Lanka’s present economic challenges,” the excessive fee stated.
Earlier within the day, Rajapaksa met Minister of Power and New and Renewable Energy Raj Kumar Singh and mentioned methods and means to additional deepen and broaden bilateral cooperation within the energy and renewable vitality sector.
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With inputs from TheIndianEXPRESS
