: India’s trade with Sri Lanka ‘at standstill’: exporters #FinanceIndia #StockMarketNEWS #Business Press Trust of India New Delhi India’s trade with Sri Lanka has nearly stopped following

@StockMarketNEWS Sun 17 Jul, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

India’s trade with Sri Lanka ‘at standstill’: exporters #FinanceIndia #StockMarketNEWS #Business
Press Trust of India

New Delhi

India’s trade with Sri Lanka has nearly stopped following the unrest in the island nation, leaving exporters worried about their payments.

“Our exports and imports have come to a complete standstill. Exporters are very cautious because of the political crisis and payment issues,??? Federation of Indian Export Organisations (FIEO) Vice-Chairman Khalid Khan said.

However, he expressed hope that once the new government takes office in Sri Lanka, situation may improve.

Sri Lanka, a country of 22 million people, is facing an unprecedented economic turmoil, the worst in seven decades, leaving millions struggling to buy food, medicines, fuel and other essentials. The grim situation has resulted in a civil unrest.

The country, with an acute foreign currency crisis that resulted in foreign debt default, had announced in April that it is suspending nearly billion foreign debt repayment due for this year out of about billion due through 2026. Sri Lanka’s total foreign debt stands at billion.

FIEO Director General Ajay Sahai said political stability will help in resumption of trade.

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