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

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

• The Government of Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases, as the country is facing 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.