India offers US$ 500 mn credit to buy fuel | Daily News

India offers US$ 500 mn credit to buy fuel

India has offered a new Line of Credit (LOC) of US$ 500 million to Sri Lanka for purchase of petroleum products. External Affairs Minister Dr. S. Jaishankar extended this critical support in his letter addressed to Foreign Minister Prof. G.L. Peiris, a statement issued by the Indian High Commission in Colombo said yesterday.

“It would be recalled that External Affairs Minister Dr. S. Jaishankar and Finance Minister Basil Rajapaksa held a detailed virtual meeting on January 15, 2022 and discussed various aspects of robust economic partnership between India and Sri Lanka.

Early operationalization of the LOC will help realize one of the four pillars of economic cooperation identified during the visit of Minister Basil Rajapaksa to India in December 2021. “Recently India had extended foreign exchange support of over US$ 900 million to Sri Lanka.

These measures are in line with India’s commitment to stand with Sri Lanka, contribute to Sri Lanka’s economic growth and impart greater momentum to bilateral economic and commercial partnership”, the statement said


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