India has extended the US $1 Billion credit line for Sri Lanka by a year, allowing Sri Lanka to pay for essential imports as a much-needed backup, Agency report said.
The credit line is part of the $4 billion emergency assistance that was extended during Sri Lanka’s peak crisis time last year and was scheduled to end in March.
Sri Lanka’s Deputy Treasurer Priyantha Rathnayaka was quoted as saying that this credit line was extended until March 2024.
"There is about US$350 million left of the credit line that can be utilized as needed," he said.
He added, "However, given the increase of foreign exchange availability in the market, the need is not as keen as it was last year."
The given funds were mainly used for importing food and medicine
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