India extended a US$500 million line of credit to Sri Lanka on Wednesday to purchase petroleum products. Sri Lanka is currently experiencing its worst foreign exchange and energy crisis in decades.
In the presence of Sri Lankan finance minister Basil Rajapaksa and Indian envoy Gopal Baglay, India's Export Import (Exim) Bank and the Sri Lankan government signed an agreement for the line of credit. Rajapaksa has been in charge of his government's efforts to secure financial aid from India in order to get through the crisis.
