EXCLUSIVE: India is willing to commit up to another $2 billion in financial assistance to Sri Lanka while also supporting the island nation with food and fuel, five sources told Reuters, as New Delhi tries to regain ground lost to China in recent years
Sri Lanka, hit by its worst economic crisis since independence in 1948 and on the brink of its first debt default, has been asking friendly nations including India and China for credit lines, food and energy. The Asian giants have already committed billions of dollars in financial support.
All the sources had direct knowledge of the matter or had been briefed on it, but they declined to be named as the discussions were private. India has so far committed $1.9 billion to Sri Lanka in loans, credit lines and currency swaps. Sri Lanka has also sought another $500 million credit line for fuel.
Repeated cycles of borrowing from capital markets, including the International Sovereign Bonds, have made them the largest source of foreign funding for Sri Lanka.India has also sent ships with sugar, rice and wheat - items of which it has a surplus, unlike China - to Sri Lanka ahead of the country's Sinhala and Tamil New Year on Thursday.
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