With Sri Lanka on the edge of bankruptcy and its usable foreign reserves at less than $50 million, India is anticipated to scale up its economic support.
The Sri Lankan government has requested urea from India. Previously, India provided fuel, medicines, and rice.
Sri Lanka’s Cabinet has approved a plan to import more petroleum from India via a $200 million short-term loan from the Exim Bank of India. Since January 2022, India has provided Sri Lanka with almost $3 billion in currency swaps, credit lines for basics, and loan deferments.
In a statewide strike demanding the resignation of the government, Sri Lanka’s bus and train networks came to a standstill on Friday, while offices and factories remained closed.
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