Sri Lanka Seeks $500 Million Line of Credit from India to purchase Fuel

The Government of Sri Lanka has sought a $500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation after the pandemic hit the nation’s earnings from tourism and remittances.

The USD 500 million credit line is part of the India-Sri Lanka economic partnership arrangement. The facility would be used for purchasing petrol and diesel requirements.