India emerging as one of the biggest providers of aid to Sri Lanka

Sri Lanka has officially defaulted on its foreign debt as it battles its worst economic crisis in more than 70 years. It exhausted a 30-day grace period that took effect after it missed coupon payments worth $78 million last month. The central bank said it will be six months before the nation starts repaying its debts. Sri Lanka owes about $51 billion to its creditors. India has emerged as one of Sri Lanka’s biggest creditors, despite historic suspicions between the neighbours.

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