Sri Lanka Seeks Another $500 Million Credit From India For Gas: Report



Sri Lanka Seeks Another $500 Million Credit From India For Fuel: Report

Sri Lanka disaster: The credit score line is along with $500 million prolonged beforehand, a report mentioned(File)


Amid the persevering with financial disaster within the nation, Sri Lanka is in talks with India for one more credit score line of $500 million for gasoline imports.

This concern was mentioned when Sri Lankan Excessive Commissioner to India Milinda Moragoda met with Finance Minister Nirmala Sitharaman final week, Each day Mirror newspaper reported.

The credit score line is along with $500 million prolonged beforehand, the report mentioned.

Sri Lanka is going through its worst financial disaster since gaining independence in 1948. The recession is attributed to overseas trade shortages brought on by a clampdown on tourism throughout the COVID-19 pandemic.

It left the nation unable to purchase sufficient gasoline, with individuals going through an acute shortage of meals and fundamental requirements, gasoline, and fuel.

In response to the Sri Lankan every day, India supplied one other $1 billion line of credit score for important imports. Nevertheless, $200 million of it has been utilized for gasoline imports, the report added.

The island nation has exhausted almost $700 million of Indian credit score thus far for diesel and petrol, Each day Mirror reported.

Sri Lankan Prime Minister Ranil Wickremesinghe on Friday praised India for extending assist amid the persevering with financial disaster and expressed a want to additional strengthen ties between the 2 nations.

“I expressed our country’s appreciation for the support India has extended during this difficult period. I look forward to further strengthening ties between our nations,” the Sri Lankan PM tweeted.

PM Wickremesinghe’s appreciation of India got here on the identical day when its neighbour donated 25 tons of medicine and different medical provides valued at near 260 million Sri Lankan rupee.

The medical consignment was donated in response to requests by varied organizations and hospitals unfold throughout totally different elements of the nation.

The Indian Excessive Fee mentioned these humanitarian provides are in continuation of the Indian authorities’s ongoing assist to the individuals of Sri Lanka in a number of kinds corresponding to monetary help, foreign exchange assist, materials provide and so on.

“These efforts testify to Prime Minister Narendra Modi’s ‘Neighbourhood First’ policy which places people-to-people engagement at its core,” the excessive fee mentioned in a press release.

(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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