Sri Lanka Economic Crisis: Neighboring country took loan from IMF, repaid India’s debt
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Finance Minister gave information
Sri Lanka’s Minister of State for Finance Ranjith Siyambalapitiya told the media that $120 million was used to repay the loan taken from India. The Minister of State said, in the recent past, India had given loans to his country for the import of essential commodities including medicine and fuel. Part of this loan was to be settled on Thursday, which we did on the same day. It is important that we adhere to the loan repayment deadline, he said.
Pakistan’s trouble will start after the IMF deal
There is a problem in paying the loan
After the economic crisis in the country, Sri Lanka was unable to pay its debts. In April last year, India provided financial assistance of over $4 billion to Sri Lanka. India was also one of the first countries to help the same southern neighbor get an IMF bailout.
Received conditional loan from IMF
IMF has agreed to give conditional loan to Sri Lanka. This loan will be repaid within a period of 48 months. Significantly, last year people took to the streets in long queues to buy food, fuel and medicine with the country facing shortage of essential commodities. The public outcry forced President Gotabaya Rajapaksa to flee the country. After that Ranil Wickremesinghe took over the command of the country.
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