India becomes the largest bilateral lender for Sri Lanka and overtakes China. In four months of 2022, India has provided a total of 968 million US Dollars in loans to Sri Lanka. China has been the largest bilateral lender to Sri Lanka for the past five years from 2017-2021.
Key Points related to Bilateral Lender of Sri Lanka
- Asian Development Bank (ADB) has been the largest bilateral lender in the past five years.
- In 2021, a total of 610 million dollars were provided to Sri Lanka by the Asian Development Bank (ADB).
- India has provided 4 billion dollars in food and financial assistance to Sri Lanka.
- India handed 21,000 tonnes of fertilizers to Sri Lanka on August 2022.
- Since the beginning of 2022, Sri Lanka is suffering from an economic crisis and the default of the government has made the situation worse.
- The Country is indebted to foreign loans and is battling severe food and fuel scarcity.
- The economic crisis has affected a large number of people in the country.