India emerges as Sri Lanka's top lender in 2022, think tank report says
- IBEF
- September 16, 2022
According to the Verite Research think tank, India has become Sri Lanka's biggest lender in 2022, providing the island nation with loans of US$ 377 million as it battled an unprecedented political crisis and economic unrest.
According to the Indian High Commission, India has provided roughly US$ 4 billion in overall credit support to Sri Lanka this year, including currency swaps.
Recently, Sri Lanka and the IMF reached an agreement for a US$ 2.9 billion loan facility, which is subject to a debt restructuring agreement between Sri Lanka and its creditors.
The country has a foreign debt of US$ 51 billion, of which US$ 28 billion must be repaid by 2027.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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