India offers $500 million credit line to Sri Lanka for fuel purchase
India has offered a new Line of Credit (LOC) of USD 500 million to Sri Lanka for purchase of petroleum products.
India’s External Affairs Minister Dr. S. Jaishankar extended this critical support in his letter addressed to the Foreign Minister of Sri Lanka, Prof. G.L. Peiris, the Indian High Commission in Colombo said today.
“It would be recalled that in a landmark development, External Affairs Minister Dr. S. Jaishankar and Sri Lanka’s Minister of Finance, Mr. 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 of Finance, Mr. Basil Rajapaksa to India in December 2021,” the statement said.
Recently India had extended foreign exchange support of over USD 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 India High Commission said.
Latest Headlines in Sri Lanka
- WFP begins fortified Rice distribution for school meals across Sri Lanka April 20, 2024
- General Amnesty announced for Tri-Forces AWOL personnel, excludes Commissioned Officers April 20, 2024
- Sri Lanka and United States discuss Economic Support and Reforms April 19, 2024
- Israeli missile strikes Iran amid escalating Middle East tensions April 19, 2024
- President says he will build a Sri Lanka that the youth aspire to April 19, 2024
Now we are a credit card nation. Carry on. Schools and colleges should add “how to borrow money from foreign countries” to their syllabus just to keep going.
Ha, Ha,
High hopes; given in the hope of ‘economic growth’.
Of the USD 1.3b given by India, >50% will go line the pockets of the hungry leaders !!!
………. and to burn in the ‘makara kata’ buy selling at a subsidised price which is less than the buying and processing price, thus borrowing to live on, not to develop. Sri Lanka is an island 270 miles long and 225 miles wide is a well developed/developing a super high way system. So what is the need so many people to own cars and burn subsidised fuel, polluting the whole country, causing disease, instead of having a well developed public transport system with buses and trains run on a timetable on time?
Imagine the “crows” living in the cities catching a CTB bus to the night clubs and be fondled by the Appuhamy’s returning home after hauling potato gunniyas!
The Car, Indra Akke, is a social symbol. The bigger and more powerful it is, the occupants are identified by society as the smartest of the thieves.
So what will happen after we use this USD 500 million worth of petroleum products. Ask for another USD 500 million.