Browsing: Sri Lanka

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• Sri Lanka is facing the worst economic crisis since independence that has led to shortages of basic commodities such as fuel and medicine 
• The country will receive a US$1 billion loan from India to ease the crisis amid ongoing protests by tens of thousands of citizens 
• Over the past few months, India has provided Sri Lanka with loans amounting to US$500 million to purchase fuel and a currency swap of US$400 million under the Saarch facility

India and Sri Lanka will finalise a US$1 billion line of credit on Thursday, March 17, 2022.

According to Hindustan Times, the funds by India are expected to help Sri Lanka cope with the ongoing economic crisis, which is the worst that the island nation has faced in decades.

Sri Lanka will use the funding to acquire essentials such as food and medicine.

Read: With AfCFTA, what’s in Africa for India?

The funds follow …