With USD 377 million in loans, India is Sri Lanka's top lender in 2022: Report
India, Sri Lanka flags
India has become Sri Lanka's biggest lender in 2022, providing the island nation with loans of USD 377 million as it battled an unprecedented political crisis and economic unrest, as perthe Verite Research think tank.
India is followed by the Asian Development Bank (ADB) with loans totalling USD 360 million. They make up about 76 per centof all disbursementsfrom January to April 2022.
According to Verite Research, a Colombo-based independent interdisciplinary think tank that offers strategic analysis and advice for governments and the private sector in Asia, India has emerged as Sri Lanka's largest bilateral lender with a contribution of USD 377 million out of a total disbursement of loans amounting to USD 968 million in the first four months of this year.
China has been Sri Lanka's largest bilateral lender between 2017 and 2021. China contributed USD 947 million in 2021, of which USD 809 million came from loans taken out with the China Development Bank. The major multilateral lender during that time was the ADB.
India's credit lines allowed Sri Lanka to buy petrol and necessities at the start of this year when it was experiencing its greatest economic crisis.
According to the Indian High Commission in this city, India has provided roughly USD 4 billion in overall credit support to Sri Lanka this year, including currency swaps.
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Gotabaya Rajapaksa was removed from office in mid-July as a result of the public demonstrations that have been taking place since the end of March in response to the economic hardships and shortages of basic necessities.
When India's 700 million USD dedicated credit line for fuel imports ran out in late June, there were long lines for petrol at Indian Oil Company retail stations. At the time, the state fuel company solely provided fuel to emergency services.
Recently, Sri Lanka and the IMF reached an agreement for a USD 2.9 billion loan facility, which is contingent upon a debt restructuring agreement between Sri Lanka and its creditors.
Due to the currency crisis, Sri Lanka declared its default on its international debt in mid-April. The nation has a foreign debt of USD 51 billion, of which USD 28 billion must be paid by 2027.
(with inputs from, agencies)