India has extended a $1 billion credit line for Sri Lanka by one year, a Sri Lankan official told Reuters on Tuesday, giving the crisis-hit country a backup infusion of dollars for essential imports.
The credit line, part of about $4 billion in emergency assistance extended by India during the peak of Sri Lanka's financial crisis early last year, was scheduled to end in March.
Post-negotiations, the credit line was extended until March 2024, said Sri Lanka's Deputy Treasury Secretary Priyantha Rathnayake.
"There is about $350 million left of the credit line that can be utilised as needed," he told Reuters.
"However, given the increase of foreign exchange availability in the market, the need is not as keen as it was last year."
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | Punjab — the multi-cornered fight and its implications
May 29, 2024 9:07 AM
Lok Sabha Election 2024: PM Modi holds rally in Jharkhand, West Bengal ahead of final phase of polling
May 28, 2024 11:59 PM
Lok Sabha elections phase 6 voter turnout hits 63.37%, women voters outnumber men
May 28, 2024 10:46 PM