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India extends $1 billion line of credit for Sri Lanka

Source: @ShehanSema on Twitter 

India has extended its USD 1 billion credit line to Sri Lanka for an additional year.

In March of last year, an agreement was signed between Sri Lanka and the State Bank of India (SBI) for a $1 billion credit. The credit was intended to aid the island after the economic crisis that left civilians without access to food, fuel, or essential medicine. 

Sri Lankan State Minister of Finance, Shehan Semasinghe, tweeted that materials were imported for $576.75 million of the initial $1 billion credit that was provided in March of 2022.


(2/2) The initial agreement was signed in 2022 March & out of the 1000 million US dollars allocated materials were imported for $ 576.75 mil. The agreement is extended for the remaining $ 423.25 mil. We will prioritize the import of essential medicines till March 2024. pic.twitter.com/rcOZMupyxZ

— Shehan Semasinghe (@ShehanSema) May 30, 2023


Shehan continues "the agreement is extended for the remaining $423.25 million", the remainder of the credit will prioritize the import of essential medicines until 2024.

A tweet posted by the High Commission of India in Sri Lanka stated that in extending the $1 billion credit "India reaffirms its commitment to the people of Sri Lanka."


#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 1/ pic.twitter.com/Ql81LtVq57

— India in Sri Lanka (@IndiainSL) May 30, 2023



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