Sri Lanka Crisis: The Sri Lankan Cabinet has approved an investment of $ 500 million from the Exim Bank of India for the purchase of petroleum products amid the severe foreign exchange crisis in the country. The loan demand is approved. Significantly, the country is battling the worst economic turmoil since its independence from Britain in 1948. Due to shortage of dollars for import, there is a shortage of almost all the essential commodities in the country.
“In the prevailing economic conditions, the Minister of Power and Energy has approved a proposal to take a loan of $ 500 million from the Indian Exim Bank for the purchase of petroleum products,” the cabinet note said.
Sri Lanka has already taken loan from Indian banks
Energy Minister Kanchana Wijesekera said that Sri Lanka has already received $500 million from the Exim Bank of India and $200 million from the State Bank of India for oil purchases. Let us tell you that from June, Sri Lanka is estimated to require 530 million US dollars for fuel imports in the current foreign exchange crisis.
Sri Lanka increased petrol and diesel
Crisis-hit Sri Lanka on Tuesday increased petrol prices by 24.3 per cent and diesel by 38.4 per cent. This is a record increase in fuel prices amid the country’s worst economic crisis due to lack of foreign exchange reserves.
India sent petrol to Sri Lanka
India said on Monday that it has given about 40,000 metric tonnes of petrol to Sri Lanka. Earlier on April 2, India had sent 40,000 tonnes of diesel to Sri Lanka.
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