India Became Sri Lanka’s Largest Lender In 2022, Read To Know More About The Debt!!

India has given the maximum help this year to Sri Lanka, which is facing economic crisis. It also includes a loan of US$ 377 million given by India to the island nation. At the same time, Verite Research think-tank has made a big claim. Verite Research think-tank has said that India has emerged as the largest lender to Sri Lanka this year.

At the same time, India is currently indebted to the Asian Development Bank for USD 360 million. This accounts for 76 percent of the total payments from January to April 2022. Sri Lanka has received a total loan of US$ 968 million in the first four months of 2022, of which India’s contribution is US$ 377 million, according to an independent Verite research think-tank based in Colombo.

With this contribution, India has emerged as the largest bilateral lender to Sri Lanka. The Asian Development Bank (ADB) was the second largest lender in the period with $359.6 million. It is followed by the World Bank which has given a loan of $ 67.3 million to Sri Lanka. Notably, Variete Research works in Asia to provide strategic analysis and advice to governments and the private sector.

The Varite Research think tank reported that between 2017 and 2021, China has been the largest bilateral lender to Sri Lanka. In the year 2021, China gave 947 million US dollars. Of this, US$ 809 million was lent from the China Development Bank. At the same time, ADB has been the largest multilateral lender to Sri Lanka during this period.

Sri Lanka is currently facing the biggest economic crisis. Earlier this year, India helped Sri Lanka through its line of credit to buy fuel and essential goods. At the same time, the Indian High Commission told in Colombo that India’s total line of credit to Sri Lanka this year, including currency swaps, is around US$ 4 billion. Significantly, Sri Lanka has an outstanding foreign debt of about US $ 51 billion. Of this, US$ 28 billion should be paid by 2027.