India emerged as Sri Lanka’s largest bilateral lender with a total of $968 million in loans in four months of 2022, the Times of India reported citing the Daily Financial Times (FT) and publicfinance.lk. India overtook China in the process as Beijing was Sri Lanka’s largest lender from 2017-2021.
#India has been closely associated for decades with efforts for socio-economic development of estate workers and plantation areas in #SriLanka. People-centric projects contributing in this regard include flagship #Indian Housing Programme,multi-speciality hospital in Dickoya 1/2 https://t.co/LDxK3Y1Ncl pic.twitter.com/SzpYBhUyiD— India in Sri Lanka (@IndiainSL) September 4, 2022
China disbursed $947 million in loans to Sri Lanka between 2017 and 2021. $809 million out of the $809 million were obtained as market borrowing from the China Development Bank, the report said. The Asian Development Bank (ADB) was among the largest multilateral lenders in the past five years and disbursed $610 million in 2021 to Sri Lanka in the form of loans.
"Security of #India and #Srilanka is enhanced by mutual understanding, mutual trust and cooperation. Gifting of Dornier 228 is #India's latest contribution to this cause ." High Commissioner Gopal Baglay at the handing over event. pic.twitter.com/x8wa0v8mT6— India in Sri Lanka (@IndiainSL) August 15, 2022
In the first four months of 2022, India disbursed $377 million and the Asian Development Bank (ADB) disbursed $360 million. This accounts for 76% of the total disbursements in the first four months of 2022, the report by DailyFT said.
Coming together of the people and Government of #India for the people of #SriLanka!!!High Commissioner handed over humanitarian supplies valued at over SLR 3.4 billion donated by Government of #TamilNadu to Hon'ble Ministers Ali Sabry and @keheliya_R (1/2) pic.twitter.com/S7fU6FRhJd— India in Sri Lanka (@IndiainSL) July 26, 2022
India also stepped in to help Sri Lankan farmers by handing over 21,000 tonnes of fertilizer.
Adding to the fragrance of friendship and cooperation.High Commissioner formally handed over 21,000 tonnes of fertilizer supplied under ????????’s special support to the people of ????????.This follows 44,000 tonnes supplied last month under ????????n support totalling about USD 4bn in 2022 (1/ pic.twitter.com/gmmu5NCRQA— India in Sri Lanka (@IndiainSL) August 22, 2022
“The fertilizer will contribute to food security and support the farmers of Sri Lanka. It demonstrates benefits to the people from close ties with India and mutual trust and goodwill between India and Sri Lanka,” the high commission of India in Colombo said in a tweet.
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 Union external affairs minister S Jaishankar in July told the Lok Sabha that India extended eight Lines of Credit (LOCs) to Sri Lanka amounting to $1850.64 million in the last ten years.
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
While answering a question by a fellow parliamentarian during the monsoon session, Jaishankar said the aid was aimed to bolster Sri Lanka’s railways, infrastructure, defence, renewable energy, petroleum and fertilizer sectors and industries. He also pointed out that in January India extended a $400 million currency swap to Sri Lanka under the SAARC Framework.
Various sections, diverse demands: one partner –#India!!!!High Commissioner met the Hon'ble Agriculture Minister and informed him about the arrival of more than 44,000 MT of urea supplied under a credit line extended by ???????? to ????????. (1/2) pic.twitter.com/mTEPFsviZq— India in Sri Lanka (@IndiainSL) July 10, 2022
The Sri Lankan government will make a presentation to its international creditors on Friday, news agency Reuters reported where it will lay out the full extent of its economic troubles and plans for a debt restructuring. Sri Lanka has reached a preliminary deal with the IMF where it would receive $2.9 billion in loans over four years.
(with inputs from the Times of India and Reuters)
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