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India extends $900 millon aid to Sri Lanka

Date: 15 January 2022 Tags: India & World
  • India has confirmed a $400 million currency swap with Sri Lanka while deferring another $500 million due for settlement to the Asian Clearing Union (ACU).
  • India’s assistance follows a request from Sri Lanka for emergency financial assistance, including Lines of Credit for importing essentials and a currency swap to boost Sri Lanka’s draining foreign reserves.
  • Sri Lanka is facing a severe dollar crunch that economists say might lead to a default on external debt and create a food shortage in the imports-reliant island nation.