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The Indian government has approved a USD 1 billion line of credit (LoC) for Sri Lanka to help with the importation of food, necessities, and medication. Basil Rajapaksa, Sri Lanka's finance minister, would visit India on March 15, 2022, to conclude the deal.

Sri Lanka is now in the grip of a serious economic crisis. India is extending the Line of Control to assist its neighbour in combating the COVID-19 outbreak and mitigating its detrimental impact on its development goals.

The island's foreign reserves have fallen by 70% in the previous two years, to $2.31 billion in February, impeding crucial imports such as petroleum.

Finance Minister Basil Rajapaksa, who announced the Indian credit line in February, would sign a deal on Wednesday to pay for necessities like as food and medicine.

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