India approves USD 500 million credit line to Sri Lanka

India approves USD 500 million credit line to Sri Lanka

January 27, 2022   05:37 pm

The Indian government has approved USD 500 million for Sri Lanka to purchase petroleum products, Ada Derana learns.

According to Energy Minister Udaya Gammanpila, this credit line would help resolve the country’s power crisis.

The lawmaker is hopeful that Sri Lanka would be able to import the required stocks of fuel by March using this loan.

India’s External Affairs Minister Dr. S. Jaishankar had extended this critical support in his letter addressed to Sri Lanka’s Foreign Minister Prof. G.L. Peiris, the Indian High Commission in Colombo said last week.

The high commission’s remarks came after Dr. Jaishankar and Sri Lanka’s Finance Minister Basil Rajapaksa held a detailed virtual meeting on January 15, 2022 and discussed various aspects of robust economic partnership between the two countries.

In addition, India had recently extended foreign exchange support of over USD 900 million to Sri Lanka.

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