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India emerges as Sri Lanka’s largest bilateral lender overtaking China

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.

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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.
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