While India In the midst of his country's deteriorating economic position, Sri Lankan Finance Minister Basil Rajapaksa will begin his India visit on Tuesday, trying to get a USD 1 billion line of credit (LoC).

External Affairs Minister S Jaishankar met with Basil virtually earlier in January to evaluate efforts in extending the Indian loan line of USD 1 billion for importing food, necessary commodities, and medical.

As Sri Lanka suffers a serious economic crisis, India has continued to support its neighbouring country in combating the COVID-19 pandemic and mitigating its negative impact on development priorities.

More than USD 500 million in foreign currency swaps were supplied by India to enhance Sri Lanka's foreign reserves, bringing the total to USD 900 million. Under the Asian Clearance Arbitration, India also extended the payback period for Sri Lanka's USD 500 million debt.

This important visit by Basil Rajapaksa comes ahead of Sri Lanka's meetings with the International Monetary Fund (IMF) on a plan for help to the crisis-torn country. According to reports, Sri Lanka's FM would fly to the United States next month to make the country's proposal to IMF authorities.

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