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India overtakes China to become largest lender of crisis-hit Sri Lanka

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Shagun
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India overtakes China to become largest lender of crisis-hit Sri Lanka
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Colombo (Sri Lanka), September 18: With a total of USD 968 million in loans in four months of 2022, India surpassed China as Sri Lanka's largest bilateral lender, a media report said. China has been the largest bilateral lender to Sri Lanka for the past five years, from 2017 to 2021, disbursing USD 947 million, of which USD 809 million was obtained as market borrowings from the China Development Bank, according to the Daily Financial Times (FT). It stated that the Asian Development Bank (ADB) has been the leading multilateral lender during the last five years, with financing totalling USD 610 million disbursed in 2021. According to the Daily FT, India has disbursed USD 377 million and ADB has disbursed USD 360 million, accounting for 76% of total disbursements in the first four months of 2022. Meanwhile, during the United Nations General Assembly's Annual Joint Debate on the Reports of the Peacebuilding Commission (PBC) and the Peacebuilding Fund (PBF), India's Permanent Representative to the UN, Ruchira Kamboj, stated that India had provided nearly USD 4 billion in food and financial assistance to Sri Lanka. "In our immediate neighbourhood, we are continuing to help our good friend and neighbour Sri Lanka to ensure food security by providing nearly USD 4 billion in food and financial assistance during the past few months," Kamboj added.
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Also Read | After big win in Punjab polls, AAP appoints Raghav Chadha as Gujarat co-incharge PTC News-Latest Punjabi news On August 22, India supplied 21,000 tonnes of fertiliser to crisis-torn Sri Lanka. "Adding to the fragrance of friendship and cooperation. High Commissioner formally handed over 21,000 tonnes of fertilizer supplied under India's special support to the people of Sri Lanka," the High Commission of India in Colombo, Sri Lanka said on Twitter. "This follows 44,000 tonnes supplied last month under Indian support totalling about USD 4 billion in 2022. The fertilizer will contribute to food security and support the farmers of Sri Lanka. It demonstrates benefits to the people from close ties with #India and mutual trust and goodwill between #India and #Sri Lanka," the High Commission of India further said. India has been at the forefront of extending economic help to Sri Lanka in accordance with their needs and is one of the countries that has supplied the most assistance during times of need. Sri Lanka has been experiencing an escalating economic crisis since the beginning of 2022, and the government has defaulted on its foreign loans. Sri Lanka is in the grip of a severe economic crisis, with food and fuel scarcity affecting a large proportion of the island's population. Also Read | 60 Indian nationals duped on pretext of jobs, illegally brought to Myanmar: MEA sources -PTC News
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