his country’s backing of Sri Lanka for a US$2.9 billion International Monetary Fund loan
But Sri Lanka requires the backing of both China and India - its biggest bilateral lenders - to reach a final agreement with the IMF on the loan that is essential to help the country of nearly 22 million people emerge from its worst financial crisis in seven decades. The project stoked controversy last year as it was initially awarded to a Chinese company before India stepped in to secure them.
New Delhi separately provided Sri Lanka with about US$4 billion in rapid assistance between January and July last year, including credit lines, a currency swap arrangement and deferred import payments.
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