About 270,000 MT of fuel has been delivered to Sri Lanka on Wednesday via the Indian credit line.
After the delivery of another 120,000 tons of diesel and 35,000 tonnes of petrol to Sri Lanka in the remaining period of this month, India’s USD 500 million fuel credit line will be exhausted.
On April 15, India would export the next stock of 40,000 tonnes of diesel, with another cargo coming on April 18. India would also provide petrol stock on April 22.
According to the Daily Mirror reports, India is set to supply a similar amount of diesel on April 23.
Negotiations to enhance the loan facility are presently underway. Alternatively, once the payments for the previous transactions have been made, Sri Lanka might reuse them.
Notably, India has extended a USD 500 million credit line to the Indian Oil Company for the purchase of fuel. USD 468 million will be depleted once India delivers these consignments.Â
Earlier, India delivered over 270,000 MT of fuel to Sri Lanka on Wednesday, to help ease the island country’s power crisis, which has suffered severe power outages.
In addition, in the last 24 hours, one consignment each of 36,000 MT petrol and 40,000 MT diesel was delivered to Sri Lanka. The consignment is part of India’s US $500 million oil line of credit for Sri Lanka.
#Indian credit line for fuel at work!!! One consignment each of 36,000 MT petrol and 40,000 MT diesel was delivered to #SriLanka in the last 24 hours. Total supply of various types of fuel under Indian assistance now stands at more than 270,000 MT. pic.twitter.com/QMO8fftnXA
— India in Sri Lanka (@IndiainSL) April 6, 2022
At work, there’s an Indian credit line for fuel!!! In the last 24 hours, 36,000 MT of petrol and 40,000 MT of diesel were imported. More than 270,000 MT of various types of fuel has been delivered with Indian aid. India’s High Commission in Colombo sent out a tweet.
In February, a USD 500 million fuel line of credit was agreed, with fuel expected to be delivered by May.
Meanwhile, Arindam Bagchi, spokesperson for the Ministry of External Affairs (MEA), said on Thursday, that Sri Lanka is a Neighbour and close friend of India, and that India is constantly monitoring developments in the island nation.
We are committed to assisting Sri Lanka in its post-Covid economic recovery. This is consistent with our neighborhood’s first approach, and we have already expressed our willingness to assist them in any way we can, as evidenced by our actions. He further added.
Sri Lanka is amid a severe economic crisis, with food and fuel scarcity affecting a substantial portion of the population. Since the start of the COVID-19 epidemic, the economy has been in free fall.
The island nation is also experiencing a foreign exchange deficit, which has hampered its ability to purchase food and fuel, resulting in power outages. Sri Lanka was forced to seek aid from friendly countries because of a shortage of basic products.
Published By:Â JAINAM SHETH
Edited By : KHUSHI THAKUR
