Government to negotiate a loan from India to purchase fuel

November 21, 2021

The government of Sri Lanka will shortly negotiate a US $ 500 loan from the Government of India to purchase fuel. Presently Sri Lanka is facing a severe foreign exchange crisis due to the depleted foreign reserves in the Treasury. Minister Gammanpila has pointed out that Sri Lanka needs around US$350 million monthly for fuel importation. Meanwhile, the government is also making arrangements to pay at least 75% of the total amount due to the Chinese Company for the importation of Organic fertilizer from China. The Chinese Fertilizer Company in question has put the Peoples Bank on a balcklist. The Colombo Commercial High Court has restrained the People’s Bank from honouring the Letter of Credit on the strength of a case file by the Agricultural Ministry. The total amount due to the Chinese company is 9million US$.

Government to negotiate a loan from India to purchase fuel

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