CURRENT AFFAIRS

Detailed explanation-1: -India has emerged as the largest bilateral lender for Sri Lanka, overtaking China. India has provided a total of 968 million US dollars in loans to the island nation in four months of 2022. In the past five years from 2017-2021, China has been the largest bilateral lender to Sri Lanka.

Detailed explanation-2: -Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. By end-2020, Sri Lanka owed China EximBank $2.83 billion or 3.5% of the island’s external debt, according to IMF data.

Detailed explanation-3: -India–Sri Lanka maritime boundary agreements were signed in 1974 and 1976 between India and Sri Lanka to define the international maritime boundary between the two countries.

Detailed explanation-4: -India’s top lender SBI aims to achieve double-digit deposit growth.

Detailed explanation-5: -Surpassing China, India has become the largest bilateral lender to Sri Lanka by disbursing a total of $968 million in loans in four months of 2022, according to a media report.