Mention India’s Role in 2022 economic crisis of Sri Lanka
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India played a significant role in addressing Sri Lanka's 2022 economic crisis through various means: 1.Financial Support Provided nearly $4 billion in aid, including credit lines, currency swaps, and loan deferments Extended a $400 million currency swap and a $1 billion credit line for essential imRead more
India played a significant role in addressing Sri Lanka’s 2022 economic crisis through various means:
1.Financial Support
See lessProvided nearly $4 billion in aid, including credit lines, currency swaps, and loan deferments Extended a $400 million currency swap and a $1 billion credit line for essential imports like fuel
2. Humanitarian Aid
Supplied essential goods such as rice, milk powder, and medicines. Tamil Nadu, for instance, sent significant quantities of these items
3. Debt Restructuring Support
Acted as a co-chair in the creditor committee for Sri Lanka’s debt restructuring, facilitating discussions for an IMF bailout package
4. Trade and Investment
Maintained trade relations, though trade was impacted by the crisis. India exported a variety of essential goods to Sri Lanka and helped keep trade moving despite the instability
India’s support was both a humanitarian effort and a strategic move to maintain influence in Sri Lanka amid the geopolitical dynamics with China