19 January 2022 09:32 am Views - 207
India has offered a new Line of Credit (LOC) of USD 500 million to Sri Lanka for purchase of petroleum products, a statement from the Indian High Commission said.
External Affairs Minister Dr. S. Jaishankar extended this critical support in his letter addressed to the Foreign Minister of Sri Lanka Prof. G.L. Peiris.
It would be recalled that in a landmark development, External Affairs Minister Dr. S. Jaishankar and Finance Minister Basil Rajapaksa held a detailed virtual meeting on January 15, 2022 and discussed various aspects of robust economic partnership between India and Sri Lanka. Early operationalisation of the LOC will help realise one of the four pillars of economic cooperation identified during the visit of Finance Minister Basil Rajapaksa to India in December 2021.
Recently India had extended foreign exchange support of over USD 900 million to Sri Lanka. These measures are in line with India’s commitment to stand with Sri Lanka, contribute to Sri Lanka’s economic growth and impart greater momentum to bilateral economic and commercial partnership.