&w=3840&q=100)
Sri Lanka restructures nearly $931 million in credit lines with India
Sri Lanka has restructured nearly $931 million in lines of credit and buyers' credit facility agreements with the Indian government, the island nation's finance ministry said on Thursday.
The deal between the two countries will facilitate deeper cooperation on multiple projects including an energy hub agreed to during a visit by Indian Prime Minister Narendra Modi last month.
The debt restructuring covers seven line of credit and four buyers credit facility agreements that were made available to Sri Lanka by the Export- Import Bank (EXIM) of India, the finance ministry statement said.
New Delhi and Colombo have worked to deepen ties as India's southern neighbour recovers after plunging into financial crisis in 2022. India provided $4 billion in assistance to Sri Lanka to help it weather the tumult including a swap arrangement and other emergency assistance.
The crisis left Sri Lanka struggling to pay for fuel, medicine and cooking gas. A $2.9 billion bailout from the International Monetary Fund (IMF), which approved the fourth review of its program last month, has played a critical role in Sri Lanka's post-crisis recovery.
Sri Lanka finalised a deal with Japan, another key creditor in March to restructure $2.5 billion in debt after entering into a preliminary deal with key bilateral lenders last June.
It still needs to sign similar agreements with China for about $4.75 billion in debt.
Colombo also secured a deal to restructure $12.5 billion of its debt with international bondholders last December.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
29 minutes ago
- Indian Express
After Bihar plant loco export to the Republic of Guinea, BLW dispatches locos to Mozambique
Amid the Indian Railways' push for export of rail equipment, the Banaras Locomotive Works (BLW) has exported two locomotives to Mozambique. Officials said that the export was done as per the major contract awarded by Mozambique Railways (CFM) for manufacturing and supply of 10 diesel locomotives. BLW, a flagship production unit of Indian Railways, will dispatch the remaining eight locomotives by December 2025, said the officials. 'The global contract for 10 locomotives was awarded to RITES, a public sector undertaking (PSU) of Ministry of Railways, who further got the locomotives manufactured at BLW. These are advanced diesel locomotives of 3300 horse power. It is capable of running at a maximum speed of 100 kmph on Cape Gauge (1067 mm). BLW has exported locomotives to Mozambique earlier as well,' said a senior official of the Ministry of Railways. These 3300 HP diesel locomotives feature many special facilities for the loco pilot or the driver such as refrigerator, hot plate, mobile holder, aesthetic cab design, toilet etc., in accordance with international standards. The data available with the BLW shows that it has supplied a total of 10 Cape Gauge diesel locomotives (3000 HP, AC-AC) to Mozambique's state-owned rail company CFM so far, with the oldest locomotive being sent in 2008-09. During 2021-22 and 2022-23, it supplied a total of five locomotives, which are currently in successful operation in Mozambique. Apart from BLW, other production units such Marhowra Plant in Bihar has also started exporting locomotives. On June 20, Prime Minister Narendra Modi flagged off a state-of-the-art locomotive built at the Marhowra Plant, for export to the Republic of Guinea. This is the first export locomotive manufactured in this factory. Officials said that since the establishment of Banaras Locomotive Works (formerly Diesel Locomotive Works) on 23 April 1956, it has manufactured more than 10,000 locomotives for Indian Railways, steel plants, mines, ports and export. In January 1976, the first exported locomotive went to Tanzania. After this, the locomotive manufactured here were sent to countries like Vietnam, Mali, Senegal, Angola, Myanmar, Bangladesh, Sri Lanka, Malaysia, Mozambique, Sudan etc. In all, a total of 174 locomotives have been exported by the BLW so far. Dheeraj Mishra is a Principal correspondent with The Indian Express, Business Bureau. He covers India's two key ministries- Ministry of Railways and Ministry of Road Transport & Highways. He frequently uses the Right to Information (RTI) Act for his stories, which have resulted in many impactful reports. ... Read More
Indian Express
30 minutes ago
- Indian Express
Meat sector boom: Share in farm output rises 2.5 pc points to 7.5% in a decade
India's meat sector boomed in the last decade, with its share in the value of agriculture sector output increasing to 7.5 per cent in 2023-24 from 5 per cent in 2011-12 when measured in constant prices, according to data from the statistics ministry released on Friday. In current prices – or prices not adjusted for inflation – the increase in share of meat's Gross Value of Output (GVO) was similar: from 5 per cent in 2011-12 to 7.7 per cent in 2023-24. 'Livestock sector has witnessed a significant boom during the last decade,' the Ministry of Statistics and Programme Implementation (MoSPI) said in its 'Value of Output from Agriculture and Allied Sectors' report. The GVO of the sector rose to Rs 9.19 lakh crore in 2023-24 from Rs 4.88 lakh crore in 2011-12 in constant prices, with its share in the GVO of agriculture and allied activities rising to 31.2 per cent from 25.6 per cent over the same period. The overall GVO of agriculture and allied activities – which include crops, livestock, forestry and logging, and fishing and aquaculture – was Rs 29.49 lakh crore in 2023-24, up from Rs 19.08 lakh crore in 2011-12. According to MoSPI's national accounts data, 'agriculture, livestock, forestry and fishing' accounted for 14.7 per cent of the total gross value added in the country in 2023-24. This edged down slightly to 14.4 per cent in 2024-25. Meat on the rise While milk retained its position as the top contributor to the livestock category, its share has declined over the years to 65.9 per cent from 67.2 per cent. At the same time, the share of meat has increased to 24.1 per cent from 19.7 per cent. 'In livestock, the application of biotechnology and improved breeding techniques has led to increased productivity and a higher output of milk, meat, and other animal products. Additionally, this sector has seen growing investments in infrastructure, such as cold chains and veterinary services, which have improved animal health and product quality,' the MoSPI report said. The rising share of meat in the GVO of livestock as well as agriculture and allied activities comes at a time when India's exports of meat have been rising. In 2023-24, India's meat exports amounted to $3.83 billion, up 17 per cent from the previous year. Export of buffalo meat, which accounts for 98 per cent of India's outbound meat shipments, rose by 17.1 per cent in 2023-24 to $3.74 billion, with Uttar Pradesh having a share of nearly 60 per cent. 'As per the Foreign Trade Policy, export of beef which includes meat and edible offal of cows, oxen and calves is prohibited. The department is not in receipt of any State legislation impacting meat exports,' Commerce and Industry Minister Piyush Goyal had said in response to a question in the Rajya Sabha in December 2024. Declining crop share With the share of livestock and other segments rising over the years, the contribution of crops to the GVO of agriculture and allied activities has declined, although it remains 'the backbone of Indian agriculture' with its share in 2023-24 at 54.1 per cent, down from 62.4 per cent in 2011-12. 'The data highlights a gradual diversification within the agricultural economy, reflecting changing demand patterns, policy support, and technological improvements,' the statistics ministry said in its report. Cereals and fruits and vegetables made up more than half of crop GVO, with the statistics ministry noting that the share of 'spices and condiments' had increased from 3.9 per cent in 2011-12 to 5.9 per cent in 2023-24, 'suggesting rising domestic and export demand for spices, possibly aided by improved processing and branding'. Within fruits, the GVO of bananas was the largest for the second year in a row after it ended the dominance of mangoes in 2022-23. However, mangoes clawed back some ground in 2023-24, with their GVO rising 6.7 per cent to Rs 46,050 crore, while that of bananas was up a smaller 4.4 per cent at Rs 46,996 crore. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
United News of India
an hour ago
- United News of India
Chhattisgarh set for rail revamp, Rs 47,000 crore investment to transform infrastructure
Raipur, June 27 (UNI) In a transformative push for infrastructure and economic development, Chhattisgarh is witnessing an unprecedented rail expansion, with Rs 47,000 crore worth of railway projects currently underway. Under the leadership of Chief Minister Vishnu Deo Sai and with robust support from the Centre, the state's rail network is expected to double by 2030, from 1,100 route km laid over 161 years to 2,200 route km in just 16 years. The Union Budget 2025–26 earmarked Rs 6,925 crore for railway development in Chhattisgarh. Two new Vande Bharat trains, Raipur to Visakhapatnam and Raipur to Nagpur, have already been inaugurated. Additionally, surveys for a metro system in Raipur have reached advanced stages. Among key ongoing projects are the Bilaspur-Jharsuguda fourth line (Rs 2,135 crore), Kharsia-Dharamjaigarh line (Rs3,438 crore), and the Gharghoda-Dharamjaygarh line. In tribal-dominated Bastar, the newly sanctioned 140-km Raoghat–Jagdalpur rail line (Rs3,513 crore) is set to bring remote areas into the economic mainstream. Officials believe this will also play a pivotal role in countering Maoist influence through improved mobility and access. Parallel to expansion, 32 stations are being upgraded under the Amrit Bharat Station scheme at a cost of Rs 1,680 crore. Notable revamps include Bilaspur (Rs 435 crore), Raipur (Rs 463 crore), and Durg (Rs 456 crore). Recently, Prime Minister Narendra Modi inaugurated redeveloped stations at Ambikapur, Bhilai, Bhanupratappur, Dongargarh and Urkura. The state government has also allocated Rs 300 crore through the Chhattisgarh Railway Corporation for the Katghora–Dongargarh rail line, expected to ease freight load on the Nagpur-Jharsuguda corridor. Final location surveys are nearing completion for several strategic corridors including Ambikapur–Barwadih and Sardegha–Bhalumara. Once implemented, these lines will open new avenues for regional integration, trade and industrial growth, particularly in previously rail-deprived districts like Sukma, Dantewada, and Bijapur. UNI XC SSP
