India extends $1 bln credit score line for Sri Lanka by a 12 months

The credit score line, a part of about $4 billion in emergency help prolonged by India throughout the peak of Sri Lanka’s monetary disaster early final 12 months, was scheduled to finish in March.

Put up-negotiations, the credit score line was prolonged till March 2024, stated Sri Lanka’s Deputy Treasury Secretary Priyantha Rathnayake.

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“There’s about $350 million left of the credit score line that may be utilized as wanted,” he advised Reuters.

“Nonetheless, given the rise of international change availability available in the market, the necessity will not be as eager because it was final 12 months.”

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