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India to provide $55 mn Economic support to Lanka

Published on June 13, 2022
Current Context: India has decided to extend a Line of Credit (LOC) of $55 million to Sri Lanka for the procurement of urea. As farmers waiting for fertilizer to start the Yala season.
India to provide $55 mn Economic support to Lanka
  • A LOC agreement was signed between the government of Sri Lanka and the Export-Import Bank of India at Colombo in the presence of Sri Lanka Prime Minister Ranil Wickremesinghe.
  • This LOC will help the government secure urea fertilizer for the ongoing paddy sowing Yala season. Both have agreed to complete all procurement procedures expeditiously so that urea supplies can reach Sri Lanka in a short period.
  • Besides the speedy finalization of the LOC testifies to the importance Government of India attaches to the welfare of the people of Sri Lanka.
  • Following its 'Neighbourhood First' policy, India has extended multi-pronged assistance to the people of Sri Lanka in the last few months.
  • The support from India ranges from economic assistance of close to $3.5 billion to help secure Sri Lanka's food, health, and energy security by supplying essential items like food, medicines, fuel, kerosene, etc.

Question:

Q.1 India has provided a Line of Credit of $55 Million to which of the following country for the procurement of urea?
a. Bhutan
b. Bangladesh
c. Sri Lanka
d. Nepal
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