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Sri Lanka signs $1 billion credit line with India -Breaking

by Mike Robinson

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© Reuters.

COLOMBO (Reuters – Sri Lanka’s Finance minister Basil Rajapaksa agreed to a $1 billion credit agreement with India Thursday in an effort to alleviate crippling shortages of vital items such as fuel, food, and medicines.

S. Jaishankar (Indian Foreign Minister) tweeted that Sri Lanka stands alongside India.

Sri Lanka has seen its foreign reserves drop 70% to around $2.31 Billion in just two years, making it difficult to finance imports.

According to President Gotabaya Rajapaksa, the country will cooperate with the International Monetary Fund in order to get out of this crisis.

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