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CBSL consents to release funds for outstanding fuel payments

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The Central Bank Governor has consented to pay the relevant businesses the money they are owed for the provision of fuel.

President Gotabaya Rajapaksa has directed officials to act quickly and import fuel using the money available.

In the event that fuel is not available in accordance with the letter of credit opening process currently being used, it was decided to provide funds from the Central Bank and the Ceylon Petroleum Corporation for the restoration of the oil supply and to speak with the relevant parent companies to obtain fuel within a given time frame.

The President also issued directives to create a specific plan in order to effectively manage and maintain the fuel supply over the coming months.

The Governor and the Secretary to the Treasury stressed the importance of having direct interaction with the parent companies that provide fuel, as well as with foreign banks and financial organizations.

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