IMF help awaited, Lanka turns to India for bridge finance; Seeks credits support
Published on May 28, 2022 07:25 PM IST
Crisis-hit Sri Lanka pitches for increasing and restructuring the assistance provided by India in the form of credits for essential commodities and fuel, as well as balance-of-payment support. Discussions with New Delhi are ongoing for a swap facility of about $1 billion from the Reserve Bank of India. Ballooning import bills, Sri Lanka lacks funds to repay debt. Sri Lanka's foreign exchange reserves declined 70% in 2 years; down to $2.31 billion (as of February).
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