Sri Lanka’s minister has arrived in India to seek a $1 billion rescue aid1 min read
Sri Lankan Finance Minister Basil Rajapaksa came in India on Tuesday in search of a $1 billion rescue package. Before departing for India, Basil met with International Monetary Fund (IMF) Asia Pacific Director Changyong Rhee.
India’s External Affairs Minister Jaishankar and Sri Lankan Prime Minister Rajapaksa will address the proposed $1 billion loan to purchase food and medicines, as well as the already approved $500 million credit line to import gasoline from India. In addition, India extended a $400 million swap facility and postponed the payment of $515.2 million owing by Sri Lanka. Rajapaksa’s two planned visits this year have been postponed amid claims that Colombo has been slow to deliver on its end of the deal following his virtual meeting with External Affairs Minister S Jaishankar in January.