An Echelon Media Company
Sunday June 26th, 2022

Sri Lanka seeks US$500mn credit from India

ECONOMYNEXT – Sri Lanka’s cabinet has cleared a proposal to seek 500 million US dollars from India to import fuel, Power and Energy Minister Kanchana Wijesekera said.

The credit will be sought from the Exim Bank of India.

Minister Wijesekera said a pay back period of 7 years was requested with a grace period, compared to 1 year payback for the earlier one.

Minister Wijesekera said Sri Lanka had already received 500 million dollars from the Exim Bank of India and another 200 million from the State Bank of India.

Sri Lanka is estimated to need 530 million US dollars for fuel imports from June.

The CEBs cost was about 200 billion rupees a month but its revenue was only 75 billion last month.

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