School textbooks printed with India credit line after monetary instability

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By Editor_1

COLOMBO – Sri Lanka has imported paper enough to print 45% of the textbooks used by school children with the help of a credit line given by India, after the country’s central bank printed money to target an output gap and triggered a currency crisis.

India gave a one billion dollar credit line to import food, medicine and industrial raw materials after multilateral agencies and other country’s halted funding as the International Monetary Fund said Sri Lanka’s debt was unsustainable and the country defaulted on its foreign debt.

Out of the billion dollar facility, 10 million dollar had been given to the State Printing Corporation and private suppliers to import paper and printing material from India.

“This is being used to print 45% of textbooks required by four million young students of Sri Lanka for the academic year 2023,” the Indian High Commission in Colombo said.

High Commissioner of India to Sri Lanka Gopal Baglay has said India’s support for the text books was an investment in Sri Lanka’s future.

India had given around 4 billion US dollars to Sri Lanka to supply essential items including petroleum, fertilizer and to develop, railways, infrastructure and renewable energy.

-economynext.com

Editor_1
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