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FM Calls for Srilanka to be Listed as a Low Income Country

Published on April 25, 2022
Current Context: Amid the Srilankan economic Crisis, the Indian Finance Minister has batted in the interest of Srilanka, to be included as a Low Income Country.
FM Calls for Srilanka to be Listed as a Low Income Country
  • Srilanka is facing a severe economic crisis and has approached IMF for BoP Bailout under Rapid Finance Instrument (RFI). An amount of 4 Bn USD has been sought by Srilankan Government.
  • India has helped Srilanka with 1 Bn USD of Line of Credit in order to further help them come out of this economic crisis. India has taken Economic Diplomacy in favor of Srilanka. Inclusion of Srilanka under Low Income Country would mean better finance availability.
  • Low Income Country would also mean that the Debt would be restructured, giving Srilanka more time and better finance options to go with. Debt Service Suspension Initiative (DSSI), was launched in the backdrop of the COVID-19 pandemic by the World Bank and IMF in partnership with G-20 Nations. India wants a similar window to be made available to the Low-Income Countries.

Question:

Q.1 Under Which window has Srilanka approached the IMF for the assistance of 4 bn USD?
a. Rapid Finance Investment
b. Rapid Finance Initiative
c. Rapid Finance Instrument
d. Rapid Finance Window
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