Finance Minister Nirmala Sitharaman and Sri Lankan high commissioner Milinda Moragoda on Friday discussed the completion of a $ 1-billion credit line to be provided by India to the island nation to buy essential items that will address the economic crisis.
Mororada met with Sitharaman and conveyed Sri Lanka’s gratitude for the assistance provided by India to date. He thanked her for her personal interest in supporting Sri Lanka in this “critical time”, according to a statement from the Sri Lankan High Commission.
“The high commissioner also followed Minister Sitharaman in the early settlement of the $ 1 billion procurement debt, which is part of the two countries’ economic co-operation concept,” the statement said.
As part of the four pillars that were unveiled during a visit by Sri Lankan Finance Minister Basil Rajapaksa to New Delhi last year, the Indian side has so far provided a $ 500-million credit line for gasoline and $ 400 million in exchange for Saarc. . The Indian side also postponed payments of $ 515 million due to the Asian Clearing Union.