March 25, 2023
1 min read

Sri Lanka settles part of India’s credit line

State Minister for Finance Ranjith Siyambalapitiya said that $120 million was used to settle the loan taken from India, reports Susitha Fernando

Sri Lanka has used the very first tranche of the IMF loan of $330 to repay part of Indian credit line.

State Minister for Finance Ranjith Siyambalapitiya told media that $120 million was used to settle the loan taken from India.

“Over the recent past India gave credit lines to import much-needed essentials, including medicine and fuel, and we were to settle part of it on Thursday which we did it on that day itself,” the State Minister said.

“It is important that we follow the debt repayment,” he added.

Following the economic crisis and Sri Lanka defaulted on its debt
in April last year, India provided financial support of more than $4 billion, including credit lines.

Foreign Minister Dr S. Jaishankar symbolically hands over buses to Lanka Ashok Leyland to Minister of Transport, Bandula Gunawardane.

India was also one of the first countries that helped Sri Lanka to get the IMF bailout by agreeing to restructure its debt with the troubled southern neighbour.

Following China, Sri Lanka’s biggest bilateral creditor, agreeing to restructure its loans, the IMF agreed to award the conditional loan which would be given within a period of 48 months.

Sri Lanka’s financial crisis with shortages of essential items such
as food, fuel and medicine with long queues to purchase them, people took to street in March last year.

Street fights toppled Sri Lanka’s government forcing President Gotabaya Rajapaksa to flee the country, passing his presidency to Ranil
Wickremesinghe.

ALSO READ: IMF funding will lay foundation for a strong economy: Lanka President

Previous Story

Garcetti sworn in as US ambassador to India

Next Story

Indians gather in solidarity after San Francisco consulate attack

Latest from -Top News

No Talks Till Terror Ends: India to Pakistan

The MEA’s strong response came at a time when Pakistan, pushed on the backfoot by India’s decisive Operation Sindoor, has suddenly started talking about its intent on having peace talks with India….reports

BNP ramps up poll demand

Chief Adviser Yunus had earlier promised elections in December 2025, but the timeline has since been pushed back first to February 2026 and then to June 2026, fuelling suspicion and dissatisfaction among

Saudi backs India’s strategic outreach

In a series of engagements, the Indian delegation met Saudi Arabia’s Minister of State Adel Al-Jubeir and other senior officials. A high-profile Indian all-party parliamentary delegation, led by BJP MP Baijayant Jay

India clears stealth fighter project

New execution model paves way for private sector involvement in India’s ambitious stealth aircraft programme; Army showcases next-gen drone warfare systems. In a landmark decision bolstering India’s defence self-reliance, Defence Minister Rajnath

ASEAN lauds India’s firm stance on terrorism

The ASEAN Secretary-General reaffirmed the bloc’s resolve to deepen collaboration with India—a comprehensive strategic partner—in security and counter-terrorism efforts. The Indian all-party Parliamentary delegation, led by Janata Dal (United) MP Sanjay Jha,
Go toTop

Don't Miss

IMF raises India’s growth projection to 7%   

The forecast for growth in emerging market and developing economies

IMF slashes Pakistan’s economic growth

The rise in central bank rates to fight inflation and