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Sri Lanka to use another US $ 70 M from Indian credit line to import food


According to a minister, the government has approved the use of another US $ 70 million from the US $ 1 billion Indian line of credit to import essential food items. According to Trade Minister Nalin Fernando, this would be in addition to the US $ 180 million in food commodities already imported from India under the same facility.

Rice, sugar, onions, and whole grain wheat are among the items that have already been ordered and will be delivered to the country.

“Once we get these items, we’ll have enough food for at least a couple of months.” Furthermore, we have received approval to use an additional US $ 70 million from the same credit facility to import food commodities in the near future,” he said.

India has offered a credit facility of one billion dollars to import food, pharmaceuticals, and raw materials. A portion of the credit line was also released earlier to import fuel for the country.

On June 23, a delegation of senior Indian government officials led by Foreign Secretary Vinay Kwatra visited Sri Lanka. They met President Mahinda Rajapaksa and Prime Minister Ranil Wickremesinghe. “The Indian delegation emphasized that the unprecedented recent economic, financial, and humanitarian assistance of over US$ 3.5 billion to the people of Sri Lanka was guided by Prime Minister Narendra Modi’s ‘Neighborhood First’ policy and Security and Growth for All in the Region (SAGAR) vision.”

The Indian side thanked President Gotabaya Rajapaksa for his commitment to the development of India-Sri Lanka bilateral relations during the call. Both sides had a fruitful discussion about Sri Lanka’s current economic situation as well as India’s ongoing assistance. During the meeting with Prime Minister Ranil Wickremesinghe, the two sides had an in-depth discussion about the Sri Lankan economy and the Government of Sri Lanka’s efforts to achieve economic recovery. Both sides emphasized the importance of promoting India-Sri Lanka investment partnership, including infrastructure, connectivity, renewable energy, and deepening economic ties between the two countries.

It should be noted that India has provided over USD 5 billion in development assistance, with over USD 600 million in grants, including the Sri Lanka Unique Digital Identity Project. “India remains Sri Lanka’s most important source of tourism,” said the High Commission in a statement.

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