India: India to step up assistance as Sri Lanka stares at bankruptcy

NEW DELHI, 08 May 2022, (TON): India is expected to step up its economic assistance to Sri Lanka with the country being on verge of bankruptcy and with its usable foreign reserves down to less than $50 million.

The fresh assistance could focus on humanitarian requirements and both governments are in close touch, ET has learnt. The Lankan government has sought urea supply from India.

Earlier India has supplied fuel, medicines and rice.

Sri Lanka’s Cabinet recently cleared a proposal to source more fuel from India, through a $200 million short-term loan facility from the Exim Bank of India.

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