India provides $900 million loan to Sri Lanka
India has announced a $900 million loan to Sri Lanka to build up its depleted foreign reserves and for food imports, amidst a shortage of almost all essential commodities in the island nation. The assistance has been provided by the RBI to Sri Lanka.
- The loan comprises deferment of Asian Clearing Union settlement of over $509 million and currency swap of $400 million.
- The Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal has said that the loan amount will be used by Sri Lanka to import foods.
- Sri Lanka is currently experiencing a shortage of almost all essentials due to a shortage of dollars to pay for the imports.
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