Sri Lanka seeks લર 1 billion loan from India

(PTI) Colombo, Ta. 13

The Sri Lankan government has sought a 1 billion loan from India to import essentials from other countries, which are facing a shortage of essential commodities due to China's bankruptcy.

Sri Lanka's central bank governor Ajit Nivard Cabral said talks were underway with the Indian government to secure a 1 billion loan. He further added that talks are underway to get another loan from China as well. However the loan amount has not been decided yet.

Sri Lanka is trying to restructure its debt. By getting loans, Sri Lanka also wants to increase its trade with those countries. Chinese Foreign Minister Yi Jinping, who visited Sri Lanka last week, was told by Sri Lankan President Gotabaya Rajapaksa that if he appealed to China to restructure the loan.

Sri Lanka is currently facing a shortage of all essentials due to a shortage of dollars to import.

Inflation at record levels, sharp rise in food prices and the situation created by the corona have emptied the Sri Lankan government's coffers.