June 2, 2023
2 mins read

India, Lanka sign pact to procure $1b credit facility

Recently, Sri Lanka’s High Commissioner to India Milinda Moragoda had an interactive session with the New Delhi-based Trade Commissioners/ Commercial Diplomats…reports Asian Lite News

Reaffirming its commitment to the people of Sri Lanka, India on Tuesday signed an agreement with Colombo to enable the use of USD 1 billion credit facility for the procurement of medicine, food, and other essentials for one more year.

Taking to Twitter, the High Commission of India in Colombo, Sri Lanka said, “#India reaffirms its commitment to the people of #SriLanka.The Amendment Agreement signed in presence of Hon.Minister @ShehanSema today will enable to use the USD 1 billion #Indian credit facility for the procurement of medicine, food, and other essentials for one more year.” “Beyond the original duration, that is, till March 2024. The facility was extended by through @TheOfficialSBI in response to a specific request from GOSL and forms a part of the multi-pronged assistance of USD 4 billion provided by last year,” he added.

Recently, Sri Lanka’s High Commissioner to India Milinda Moragoda had an interactive session with the New Delhi-based Trade Commissioners/ Commercial Diplomats concurrently accredited to Sri Lanka today at the High Commission premises.

This is part of the continued efforts to further expand engagement with the concurrently accredited Missions in New Delhi.

The interactive session was attended by Trade Commissioners/ Commercial Diplomats from Austria, Belgium, Denmark, Chile, Finland, Hungary, Mexico, Norway, Poland, Spain, and Sweden. The purpose of the meeting was to discuss ways to enhance trade and economic relations between Sri Lanka and these countries.

During the meeting, High Commissioner Moragoda provided the participants with an update on the Extended Fund Facility (EFF) Arrangement with the International Monetary Fund (IMF), as well as the Indian Rupee trade and the planned economic integration with India.

The discussion covered a broad spectrum of topics related to trade and commerce, with a particular focus on promoting economic recovery in Sri Lanka, including through trilateral cooperation with the involvement of India.

In March this year, the IMF Executive Board approved a 48-month extended arrangement under the Extended Fund Facility of USD 3 billion to support Sri Lanka’s economic policies and reforms.

Of the total USD 3 billion funds, the country was immediately promised an initial disbursement of about USD 330 million. (ANI)

ALSO READ: India-Nepal ties to be ‘superhit’

Previous Story

‘Congress will surprise everyone in 2024’

Next Story

US Senators propose tough sanctions against Taliban

Latest from -Top News

China Welcomes Modi’s ‘Positive Remarks’ on Ties

PM Modi emphasised that cooperation between India and China is essential for global stability and prosperity, advocating for healthy competition rather than conflict….reports Asian Lite News China on Monday said it “appreciates”

Pakistan Sticks to April 1 Deportation Plan

Over 800,000 ACC-holding Afghans face uncertainty as Pakistan rejects Kabul’s request to delay deportations….reports Asian Lite News Pakistan has firmly rejected the Afghan Taliban’s request to extend the deadline for deporting Afghan

Sunita Williams to Land Back on Earth Tomorrow

The duo has been on the ISS since June after their Boeing Starliner, on its maiden crewed flight, suffered propulsion issues and was deemed unfit for return….reports Asian Lite News After spending
Go toTop

Don't Miss

Indian Navy ready to participate in UN’s Lebanon operations

Maritime security and other strategic issues were also discussed during

Modi, India represent lynchpin in Biden’s Asia strategy  

As he welcomed Modi to the White House earlier in