Beginning January 2022, India has been providing crucial economic support to the island nation in the grip of a severe dollar crisis that, many fear, might lead to a sovereign default, and a severe shortage of essentials in the import-reliant country.The relief extended by India from the beginning of this year totals over $1.4 billion —a $400 currency swap, a $500 loan deferment and a $500 Line of Credit for fuel imports. Sri Lanka is further negotiating a $1 billion assistance from India to help the near 22 million-strong country as it faces an unprecedented economic crisis. (Read More)
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