An Echelon Media Company
Sunday June 26th, 2022

Sri Lanka to use Indian credit line to clear goods, medicines stuck at port

ECONOMYNEXT – Sri Lanka will introduce a scheme to provide foreign exchange from a billion US dollar Indian credit like to clear containers now stuck at the port, which will expand the availability of goods, Trade Minister Bandula Gunewardene has said.

“By the New Year there will be enough consumer goods and medicine released,” Minister Gunewardene told reporters.

About 1,200 containers are stuck at the Port awaiting foreign exchange, reports said.

State Minister of Production, Supply and Regulation of Pharmaceuticals Channa Jayasumana was quoted as saying in Sri Lanka’s Daily Mirror newspaper that 200 million dollars out of the 1,000 million credit line has been allocated for medicines.

Sri Lanka is facing forex shortages due to liquidity injections made to enforce low interest rates.

The rupee has fallen steeply after it was floated amid low policy rates.

Gunewardene claimed the credit lines will ease the demand for dollars and help stabilize the rupee. (Colombo/Mar22/2022)

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