60 percent of US $ 1 billion Indian credit line exhausted

23 November 2022 09:56 am Views - 280

• Out of US $ 600 million, US $ 200 million had been used for oil purchases

By Kelum Bandara   

Sri Lanka has exhausted around US$ 600 million of the US $ 1 billion credit line offered by India to purchase essential items during the crisis time, a spokesman said. 

India offered this credit facility upon Sri Lanka’s request to tide over the foreign exchange crisis.  

Asked about the current status of the use of credit lines, a spokesman for the Indian High Commission said 60 percent of the US $ 1 billion credit line had been used based on the priorities of the Sri Lankan government.   

Out of US $ 600 million, US $ 200 million had been used for oil purchases. That is in addition to US $ 500 million credit offered to buy fuel.    

•  This is in addition to US $ 500 million credit offered to buy fuel