India will stand in Sri Lanka: MEA
India extended a Line of Credit worth $1.85 billion in Sri Lanka in 10 years
Jai shankar India has extended 8 Lines of Credit (LOCs) to Sri Lanka amounting to USD 1850.64 million over the last 10 years, the External Affairs Minister (EAM) S Jai shankar announced on Friday Government of India has extended 08 Lines of Credit (LOCs) to Sri Lanka amounting to USD 1850.64 million across various sectors, such as infrastructure defence, railways renewable energy as well as fertilizers and petroleum in the last 10 years." EAM Jai shankar said in a written response to a question asked by DMK Lok Sabha MP S Ramalingam India continues to aid Sri Lanka in its economic development , allowing it to overcome its economic problems in line with its "Neigh bourhood first' policy, EAM stated in response to the question about the long-term and short-term loans that are granted from India in the name of Sri Lanka.
"Under its 'Neigh bourhood First' policy, the Government is committed to developing friendly and mutually beneficial relations with all its neigh bours. In line with this policy, India continues to assist Sri Lanka in its economic development as also support it in overcoming its economic challenges," he added. in January of 2022 India offered a $ 400 million swap in currency in the direction of Sri Lanka under the SAARC Framework and delayed successive Asian Clearing Union (A.C.U.) settlements till July 6, 2022. Settlements will be made until July 6, 2022. Line of Credit of US500 million was extended for Sri Lanka for importing fuel from India," the minister added. Jai shankar informed that India has granted the credit facility worth US1 billion for the purchase of food as well as medicines and other important products by India The minister also stated that humanitarian aid was also offered for Sri Lanka by gifting essential medicines that are worth INR six crores. It also provided 15,000 liters Kerosene oil, and USD 55 million in LoC for purchasing Urea fertiliser. "Government of Tamil Nadu has contributed rice milk powder, rice and medicines worth 16 million dollars as part of the overall Indian aid effort." Jai shankar said Development assistance provided under Lines of Credit (LoCs) is granted in accordance to guidelines of the Indian Development and Economic Assistance Scheme (IDEAS) Guidelines Of The Government Of India. According to this policy, conditions of these loans are clear, including a the lowest rate of interest and a moratorium on principal repayment, a long time to repay and built-in flexibility," he wrote On Thursday, India reiterated its stance to stand by the people of Sri Lanka at the time of crisis, saying that India has been at forefront of extending economic assistance to Sri Lanka and will continue to do so India has been at forefront of extending economic assistance to Sri Lanka as per what they require and we are one of the countries that have provided the maximum amount of assistance at the time of need. We will continue to stand by the people of Sri Lanka in whatever manner we can," MEA spokesperson Arindam Bagchi said during a briefing for the media.
Original Source- https://itworldblog01.blogspot.com/2022/07/india-will-stand-in-sri-lanka-mea.html