India extends support to Sri Lanka to overcome forex crisis – World Affairs SRS

India extends support to Sri Lanka to overcome forex crisis

– World Affairs SRS

India has announced financial assistance of USD 900 million loan To Sri Lanka To help the island nation build up its depleted foreign reserves and for food imports. It should be noted that Sri Lanka is currently facing shortage of almost all essential commodities due to paucity of dollars to pay for imports. Through whom is India extending its support? Reserve Bank of India (RBI). Indian High Commissioner to Sri Lanka Gopal Baglay met Cabral and expressed India’s strong support to Sri Lanka in view of the expansion of facilities worth over USD 900 million by RBI.

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These include deferment of Asian Clearing Association settlement of excess USD 509 million and currency exchange 400 million USD. Sri Lanka is currently facing shortage of almost all essential commodities due to paucity of dollars to pay for imports. Additionally, power cuts are made during peak hours as the state power unit is unable to obtain fuel to run the turbines. The state fuel unit has stopped supplying oil as the electricity board has huge unpaid bills. The sole refinery was closed because it was unable to pay dollars for crude imports.

Important facts for all competitive exams:

  • Capitals of Sri Lanka: Sri Jayawardenepura Kotte; Currency: Sri Lankan Rupee.
  • Prime Minister of Sri Lanka: Mahinda Rajapakse; President of Sri Lanka: Gotabaya Rajapaksa.

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