ECONOMYNEXT – Sri Lanka has signed the amendments to the seven Lines of Credit and four Buyers’ Credit Facilities and a total of $930.8 million worth loans were restructured, the Finance Ministry said.
The signing of seven lines of credit took place on March 25, 2025 and the signing of four buyers’ credit facilities was held on April 03, 2025, the Finance Ministry said.
A Finance Ministry official said though the deals were signed more than a month ago, the information are revealed only now.
“The conclusion of the bilateral Amendment Agreements will certainly pave the way to developing further the deep and longstanding bilateral relationships between the Government of India and the Government of Sri Lanka,” Sri Lanka’s Finance Ministry said in a statement.
India played a major role in assisting its neighbour during the unprecedented economic crisis in 2022 when other bilateral and multilateral creditors failed to respond to Sri Lanka’s requests. The island nation faced foreign currency shortage which led to long queues for fuel, gas, and essentials.
India co-chaired Sri Lanka’s External Debt Restructuring Process in the Official Creditor Committee alongside France and Japan.
Mahinda Siriwardana, Secretary of the Ministry of Finance, Planning, and Economic Development signed the agreements on behalf of Sri Lanka and Nirmit Ved, General Manager of the EXIM Bank of India signed the Line of Credits while Amith Kumar, Deputy General Manager of the EXIM Bank India signed the Buyer’s Credit Agreements. (Colombo/May 15/2025)
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