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

Pakistan in the Dark: Power Crisis Boils Over

Regular power outages are a fact of life in Pakistan, but recent developments suggest that the situation is escalating to new extremes….writes Nasir Khattak In early January 2025, a nerve-breaking power outage

IBPC Dubai charts new growth path

Former Tata Motors CEO Ravi Kant headlines exclusive event as Indian business council sets course for transformation….reports Asian Lite News The Indian Business & Professional Council (IBPC) Dubai has signalled a significant

Miles in the Malls!

Dubai Mallathon kicks off today – The emirate’s biggest malls transform into indoor fitness arenas, inviting residents to walk, run, and win — all while staying cool, healthy, and community-connected….reports Asian Lite

Famine grips Gaza, WHO warns

WHO said Gaza’s population is facing acute food insecurity under the Integrated Food Security Phase Classification…reports Asian Lite News The World Health Organisation (WHO) has issued its starkest warning yet about the

Lifeline from UAE to Gaza

UAE’s Operation Chivalrous Knight 3 sustains Gaza’s collapsing health system with hospitals, treatment, aid, and vaccines, offering vital relief to thousands amid deepening crisis….reports Asian Lite News The United Arab Emirates has
Go toTop

Don't Miss

Will More Countries Join India-Middle East-Europe Corridor?

The corridor, which will balance China’s growing influence through the

Ambedkar voices concern on delay in INDIA bloc’s seat sharing  

Ambedkar expressed concern over the delays in seat sharing in