Reuters reported in March that Sri Lanka was negotiating with India to extend the facility, used so far mainly for medicines and food.
Sri Lanka's reserves dropped to record lows in April last year, triggering its worst financial crisis since independence from British colonial rule in 1948. The island, off India's southern coast, spent months struggling to pay for essential imports such as fuel, cooking gas and medicine and defaulted on its foreign debt.
The situation has now improved with Sri Lanka finalising a nearly US$3 billion bailout package from the International Monetary Fund in March and kicking off debt restructuring talks with key bilateral creditors India, Japan and China.Source: Reuters/at
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