India Extended 8 Lines of Credit Worth $1850.64 Mn to Sri Lanka in the Last 10 years, Lok Sabha Told
Union external affairs minister S Jaishankar told the Lok Sabha on Friday that India extended eight Lines of Credit (LOCs) to Sri Lanka amounting to $1850.64 million in the last ten years.
Jaishankar, while addressing parliamentarians during the ongoing monsoon session, said the aid was given to help Sri Lanka’s railways, infrastructure, defence, renewable energy, petroleum and fertilizer sectors and industries.
#India's financial, economic and humanitarian support to the tune of USD 3.8 billion to #SriLanka in 2022 has been unprecedented!!!Here are some numbers… https://t.co/804I636bAP— India in Sri Lanka (@IndiainSL) July 21, 2022
The external affairs minister also said that in January 2022 India extended a $400 million currency swap to Sri Lanka under the SAARC Framework. He said India also has deferred successive Asian Clearing Union (ACU) settlements till July 6 of this year.
India extended $500 million to Sri Lanka to import fuel from India along with extending a credit facility of $1 billion for procuring food items, medicines and other essential commodities from India.
People of #India stands in solidarity with their brethren in #SriLanka. Deputy High Commissioner @VinodKJacob76 handed over dry rations worth SLR 80 million to the Department of Probations and Child Care Services on behalf of @ColomboExpats . (1/2) pic.twitter.com/MXxzcx0VsR— India in Sri Lanka (@IndiainSL) July 16, 2022
Jaishankar pointed out that India gifted essential medicines worth Rs 6 crores, 15,000 liters of kerosene oil and $55 million line of credit for procuring urea fertilizer. He said the Tamil Nadu government contributed rice, milk powder and medicines worth $16 million.
Indian aid to Monaragala District! Consul General @dipinprIFS in presence of Mr. Gunadasa Samarasinghe, District Secretary and other officials commenced distribution of rice & milk powder in #Monaragala District today. This will benefit around 108125 families in Monaragala (1/2) pic.twitter.com/mHnaSWteGC— India in Hambantota (@CgiHoc) July 4, 2022
The development assistance provided under lines of credit was extended in line with the Indian Development and Economic Assistance Scheme (IDEAS) guidelines of the Government of India.
Humanitarian supplies worth more than SLR 3 billion to the people of #SriLanka is another manifestation of the abiding nature of people-to-people ties between ???????? and ????????. pic.twitter.com/8VaUTCqmyS— India in Sri Lanka (@IndiainSL) June 25, 2022
The minister said these are soft loans whose terms are transparent. These loans were disbursed with low rate of interest, moratorium in principal repayment, long repayment period and in-built flexibility.
Demonstration of #India's ongoing commitment to the people of #SriLanka!! 44,000 MT of urea was delivered for use by farmers in ???????? last week. pic.twitter.com/tY4fOhWufc— India in Sri Lanka (@IndiainSL) July 16, 2022
Jaishankar said that in case there are delays in repayment by the government which borrowed the money, the issue will be taken up bilaterally.
Jaishankar was responding to a question by the Dravida Munnetra Kazhagam (DMK) leader Ramalingam Sellaperumal.
Union minister of state for external affairs V Muraleedharan also apprised the Rajya Sabha with details of India’s aid to Sri Lanka.
Continuing the support to the people of #SriLanka, Consul General @dipinprIFS in presence of Mr. H.P. Sumanasekara, District Secretary and other officials commenced distribution of rice, milk powder in #Hambantota District today. (1/2) pic.twitter.com/NqUrM4hcaS— India in Hambantota (@CgiHoc) July 5, 2022
The external affairs minister along with the finance minister Nirmala Sitharaman organized an all-party meeting earlier this month to discuss the situation in Sri Lanka.
The government on several occasions has reiterated its commitment towards the quest of the people of Sri Lanka towards economic recovery and stability, through democratic means and values.
(with inputs from Shalinder Wangu)
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