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Thursday October 6th, 2022

Sri Lanka inks billion dollar credit for food, meds, from State Bank of India

CREDIT: Sri Lanka Treasury Secretary Sajith Attygalle and Indian official after signing credit agreement

ECONOMYNEXT – Sri Lanka had inked a deal with the State Bank of India to get a billion US dollar credit for food and medicine, India’s Finance Ministry said.

Finance Minister Basil Rajapaksa and Treasury Secretary Sajith Attygalle is on a two day visit to India.

Rajapaksa has met Prime Minister Narendra Modi, External Affairs Minister S Jaishankar during thevist.

“India stands with Sri Lanka,” Jaishankar said in a twitter.com message.

“US$ 1 billion credit line signed for supply of essential commodities. Key element of the package of support extended by India.”

Sri Lanka is in a severe currency crisis after printing large volumes of money to keep interest rates down and also sterilize interventions, which had triggered an import boom.

However with the central bank running out of reserves, there has been an attempt to float the rupee. (Colombo/Mar17/2022)

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