One year extension of loan repayment period–India Major Aid- Dinamani
India has extended the deadline for repayment of a loan of USD 100 crore to Sri Lanka by one more year.
As Sri Lanka recovers from severe financial crisis, India has provided this extension of time.
Sri Lanka faced an unprecedented financial crisis. Subsequently, India provided financial assistance and credit to the country. India also helped Sri Lanka get a loan from the International Fund (IMF).
An agreement to provide 100 million USD loan to Sri Lanka was signed between the Sri Lankan government and SBI in March last year. India has extended the deadline for repayment of the loan by one more year.
In this regard, the Indian Embassy in Sri Lanka posted on Twitter on Tuesday, ‘India reiterates its commitment to protect the welfare of the Sri Lankan people. The deadline for repayment of the already disbursed USD 100 crore loan was fixed as March 2024. Now that period has been extended for another year.
This assistance will lead to the purchase of essential items including medicines and food items for one more year. India has given Sri Lanka a loan worth about 400 crore US dollars in the last year.
Through it, the Government of Sri Lanka procured fuel, food items, pharmaceutical items, industrial items etc. India will continue to provide necessary assistance to the people of Sri Lanka and the government of that country. India will continue to provide assistance to Sri Lanka to recover quickly from the economic crisis.