INSUBCONTINENT EXCLUSIVE:
(Reuters) - Sri Lanka has sought an additional credit line of $1 billion from India to import essentials amid its worst economic crisis in
decades, two sources said on Monday, as the Indian foreign minister began talks with the government of its neighbour.The island nation is
struggling to pay for essential imports of food and fuel after a 70% drop in foreign exchange reserves since January 2020 led to a currency
devaluation and efforts to seek help from global lenders.New Delhi has indicated it would meet the request for the new line, to be used for
seeking comment.Sri Lankan Finance Minister Basil Rajapaksa signed the earlier credit line of $1 billion this month in the Indian capital of
New Delhi to help pay for critical imports read moreIndian Foreign Minister Subrahmanyam Jaishankar met Rajapaksa on Monday after arriving
said on Twitter, with a photograph of the two officials next to each other.In addition to the credit lines, India extended a $400-million
tip has to repay debt of about $4 billion in the rest of this year, including a $1-billion international sovereign bond that matures in
July.Minister Rajapaksa is set to fly to Washington, D.C
This article first appeared/also appeared in https://adaderana.lk
