Sri Lanka and India have signed a US $1 billion Line of Credit (LoC) pact today, Secretary to the Ministry of Finance S.R. Attygalle said.

The credit line from India comes amidst a serious economic crisis in Sri Lanka, which has resulted in a shortage of several essential items.

Attygalle confirmed that the agreement between India and Sri Lanka was signed on the 17th afternoon.

Finance Minister Basil Rajapaksa and Attygalle left for India on 15th March to seek the US $1 billion credit line from India. 

— NewsWire