India Offers Additional $500 Million Credit Line To Sri Lanka To Buy Fuel
NDTV
Sri Lanka Crisis: Sri Lanka has been struggling to pay for imports after its foreign exchange reserves plummeted sharply in recent times, causing a devaluation of its currency and spiralling inflation.
India has agreed to extend an additional USD 500 million credit line to help Sri Lanka import fuel, Finance Minister Ali Sabry said, amid delays in chalking out a bailout package with the IMF to mitigate the dire financial crisis facing the island nation.
Sri Lanka has been struggling to pay for imports after its foreign exchange reserves plummeted sharply in recent times, causing a devaluation of its currency and spiralling inflation.
"India has agreed to provide an additional USD 500 million for our fuel imports," Mr Sabry said on Friday, while adding that he was hopeful that New Delhi would consider handing out another USD 1 billion dollars as a credit line.
India has already agreed to defer USD 1.5 billion in import payments that Sri Lanka needs to make to the Asian Clearing Union.
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