CURRENT AFFAIRS

Detailed explanation-1: -Sri Lankan Foreign Minister GL Peiris has said that India will give the crisis-hit island nation an additional $500 million in financial assistance to buy fuel. He added that Bangladesh was also willing to postpone $450 million in swap repayments to ease Colombo’s burden.

Detailed explanation-2: -India provided about $4 billion in rapid assistance between January and July, including credit lines, a currency swap arrangement and deferred import payments, and sent a warship carrying essential drugs for the island’s 22 million people.

Detailed explanation-3: -India has extended 8 Lines of Credit (LOCs) to Sri Lanka amounting to USD 1,850.64 million in the past 10 years. India has been at forefront of extending economic assistance to Sri Lanka as per their requirements and is one of the countries that have provided the maximum amount of assistance in time of need.

Detailed explanation-4: -In January 2022, India announced a USD 900 million loan to Sri Lanka to build up its depleted foreign reserves as the financial crisis began to unfold. Later, it offered a USD 500 million credit line to Sri Lanka to fund the country’s fuel purchases.

Detailed explanation-5: -Indian aid to Africa is aid provided by the Government of India to African governments. India provides development assistance to Africa through lines of credit, capacity building, duty free and preferential market access, educational scholarships, and humanitarian assistance.