India First in Backing IMF Aid to Sri Lanka
1. Modi government promptly supported Sri Lanka's debt relief through the IMF.
2. India provided $4.5 billion in aid to Sri Lanka in 2022 to address its economic crisis.
3. Financing and debt relief will be provided through the Export-Import Bank of India.
4. The IMF program aims to lower Sri Lanka's public debt-to-GDP ratio to less than 95% by 2032 (from 130% in 2022).
5. In the period 2027-2032, the central government's annual gross financing must be less than 13% of GDP on average.
6. The goal is to close the external financing gap in Sri Lanka.
7. India also anticipates that Sri Lanka will seek adequate financing from multilateral development banks.