CURRENT AFFAIRS

Detailed explanation-1: -In a pathbreaking development, India and Sri Lanka on Thursday signed a Line of Credit worth $1 billion that would enable Colombo in procuring food, medicines and other essential items to overcome its acute economic crisis.

Detailed explanation-2: -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-3: -India provided assistance worth 3.8 billion dollars to Sri Lanka to tide over unprecedented economic crisis, says EAM S Jaishankar. External Affairs Minister Dr S. Jaishankar has said that India has given 3.8 billion dollar assistance for ameliorating the serious economic situation in Sri Lanka.

Detailed explanation-4: -India has emerged as the top lender to Sri Lanka in 2022, disbursing USD 377 million in loans to the island nation as it grappled with an unprecedented political crisis and economic turmoil, according to the Verite Research think-tank.

Detailed explanation-5: -An Agreement was signed between the Government of Sri Lanka and the State Bank of India on March 17, 2022 for a term loan facility of USD 1 billion for import of food, medicines and other essential items from India.