International Desk:
Sri Lanka used the first tranche of a $330 million loan from the IMF to repay India's debt. Finance Minister Ranjith Siyambalapitiya told the media that $120 million was used to repay the loan from India. The Minister of State said that India had recently extended loans to his country for import of medicines and other essential commodities including fuel. Part of this debt was to be settled on Thursday, which we paid off the same day.
“It is important that we meet the debt repayment deadline,” said Ranjit Siambalapitiya. After the financial crisis (Sri Lanka financial crisis) and Sri Lanka was not able to pay its debts. In April last year, India provided more than $4 billion in financial assistance to Sri Lanka. India was also one of the first countries to help its southern neighbor get an IMF bailout.
President Gotabhaya Rajapakse was forced to flee the country to escape public outrage. Ranil Bikramsinghe then took over the country.
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