Lanka seeks $500 mn loan from India for fuel

Lanka seeks $500 mn loan from India for fuel

Colombo, October 17

Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation. The move came few days after energy minister Udaya Gammanpila warned that the current availability of fuel can be guaranteed only till next January.

The state-run Ceylon Petroleum Corporation owes USD 3.3 billion to the two banks. The state oil distributors import crude from Middle East and refined products from other areas. — PTI

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