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Another credit line of $ 500 million from India


At a media briefing yesterday, Janaka Rathnayaka the chairmen of the public utilities (PUCSL), said that negotiations are underway to finalize another credit line of $ 500 million from India.

Saying its in its “final stagers now “The first Indian credit line of $ 500 million is over now.

From the second Indian credit line of $ 1 billion, $ 200 million has been allocated for fuel imports. Another credit line of $ 500 million has been requested and is in the final stages now. The offer letter has to come, and signatures must be placed now,” said Rathnayake at a media briefing yesterday.

Therefore, he said, around $ 600-700 million is available through the Indian credit lines for future fuel imports.

“We have to properly manage that fuel in the next two or three months. We need about $ 400 million for one month of imports,” he added.

The Treasury Department, when inquired, could not confirm this. “We made that request several weeks ago and heard that the Indian authorities are considering it favorably,” they added.

This year, India initially extended a credit line of $500 million for fuel imports, then another 1 billion for essential imports, including medication and fertilizer. Last month after a discussion then, finance minister Ali Sabry confirmed that India has agreed to extend another credit line of $500 million to help with the countries fuel crisis.

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