The Government of Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases, as the country is facing a severe foreign exchange crisis in the island nation after the pandemic hit the nation’s earnings from tourism and remittances. The USD 500 million credit line is part of the India-Sri Lanka economic partnership arrangement. The facility would be used for purchasing petrol and diesel requirements.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The country’s GDP contracted by a record 3.6 per cent in 2020 and its foreign exchange reserves plunged by over a half in one year through July to just USD 2.8 billion. This has led to a 9 per cent depreciation of the Sri Lankan rupee against the dollar over the past one year, making imports more expensive.
Important takeaways for all competitive exams:
Businessman Alix Didier Fils-Aime has been sworn in as Haiti's new prime minister, vowing to…
On November 12, 2024, the Defence Research and Development Organisation (DRDO) successfully conducted the maiden…
Law and Justice Minister Arjun Ram Meghwal launched a book titled ‘Maa-Mother’ in New Delhi,…
India is a country known for its vast geography, which includes mountains, deserts, rivers, and…
India has reached a significant milestone in intellectual property (IP) rights, now ranking within the…
The UN’s World Meteorological Organization (WMO) has issued a "red alert" on climate change, warning…