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WORLD

Curious Case of $1-Billion SBI Loan to Debt-Ridden Sri Lanka

On 17 March, the Ministry of External Affairs (MEA) announced that the State Bank of India (SBI) would extend a term loan of $1 billion to Sri Lanka, fully guaranteed by the Indian government. This was part of India’s finances.

Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi was quoted saying by news agency PTI that the loan would be used for importing food, medicines, and other essential items.

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