On Tuesday, India announced a credit line of $500 million to Sri Lanka to purchase petroleum products as the nation is struggling with a crisis of fuel and energy.
The Indian High Commission has said that the External Affairs Minister S. Jaishankar has agreed to offer help and a $500 million credit line in a letter to Sri Lankan Foreign Minister G L Peiris.
Currently, the island nation is facing an acute foreign exchange shortage with falling reserves due to which their currency is losing value which is leading to costlier imports. Including fuel, Sri Lanka is facing a shortage of almost all essentials.
