India has announced financial assistance of USD 900 million loans to Sri Lanka to help the island nation in building up its depleted foreign reserves and for food imports. It must be noted that Sri Lanka is currently facing a shortage of almost all essential commodities due to a shortage of dollars to pay for the imports. India is extending its support through the Reserve Bank of India (RBI). The Indian High Commissioner to Sri Lanka Gopal Baglay met Cabraal and expressed India’s strong support to Sri Lanka in the wake of RBI extending over USD 900 million facilities.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
These comprise deferment of Asian Clearing Union settlement of over USD 509 million and currency swap of USD 400 million. Sri Lanka is currently experiencing a shortage of almost all essentials due to a shortage of dollars to pay for the imports. Additionally, power cuts are imposed at peak hours as the state power entity is unable to obtain fuel to run turbines. The state fuel entity has stopped oil supplies as the electricity board has large unpaid bills. The only refinery was shut as it was unable to pay dollars for crude imports.
Important takeaways for all competitive exams:
The 14th edition of the cricket's premier ODI tournament, The ICC Men’s Cricket World Cup…
National News Oilseeds Kisaan Mitra: India's First WhatsApp AI Advisory for Oilseed Cultivation The Indian…
The Invest India and Invest UP have entered into the strategic partnership to attract the…
The Indian Institute of Technology (IIT) Bhubaneswar have developed the "ArsenSafe," a portable device which is…
The Jawaharlal Nehru Port Authority (JNPA) has emerged as the India's best-performing container port in…
The Central Government has appointed the Mr. Sanjay Lohiya, Secretary of the Department of Financial…