CURRENT AFFAIRS

Detailed explanation-1: -Cash-strapped Sri Lanka has secured a $1bn credit line from India to buy urgently needed food and medicine, officials say, as the IMF confirms it will consider discussing a possible bailout.

Detailed explanation-2: -Visiting Sri Lankan Finance Minister Basil Rajapaksa witnessed the signing of the agreement for the USD 1 billion line of credit being extended through the State Bank of India (SBI).

Detailed explanation-3: -With its enormous natural resources and vast agricultural lands, Kazakhstan is the richest country in Central Asia.

Detailed explanation-4: -In order to strengthen Sri Lanka’s food, health and energy security, the Government of India extended a concessional loan of USD 1 billion to the Government of Sri Lanka, through the State Bank of India, on March 17, 2022.

Detailed explanation-5: -The Line of Credit is not a grant but a ‘soft loan’ provided on concessional interest rates to developing countries, which has to be repaid by the borrowing government.