Tea exports clear US $ 60mn of SL’s fuel bill owed to Iran

16 July 2024 01:34 am Views - {{hitsCtrl.values.hits}} 3 Bookmark

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The Sri Lanka Tea Board announced yesterday that exports of Ceylon Tea have successfully offset a substantial portion of the country’s fuel bill owed to Iran, amounting to US $ 60 million.
Since 2011, Sri Lanka has accumulated an arrears of US $ 251 million for fuel imports from Iran.

Sri Lanka Tea Board Chairman Niraj De Mel said that the settlement was achieved, as exports of tea to Iran tripled during this period.

Facing financial challenges exacerbated by the Covid-19 pandemic and domestic economic downturn, Sri Lanka struggled to meet its financial obligations to Iran, due to the foreign exchange shortages.

To resolve this issue, an agreement was reached between the two nations, focusing on settling outstanding debts through tea exports.

De Mel reported that tea exports to Iran from January to May 2024 totalled 4.98 million kilogrammes, a significant increase compared to 1.85 million kilogrammes exported during the same period in 2023.

Comments - 3

Jude Tuesday, 16 July 2024 07:40 AM

SL don't get any breaks from any trading partner!! But SL supporting theses countries blindly!!

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Ranjan Tuesday, 16 July 2024 08:19 AM

Ah there you go

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Thavaraja Tuesday, 16 July 2024 09:38 AM

Just imagining it is a Western country and not Iran that was selling oil to us. Do you think they would have tolerated us owing them millions , they would have added interests to the sum we owe and would not have waited for years like Iran to reach this “ tea for oil” agreement. Iran is our friend and when the West labels Iran in derogatory terms , we should openly reject the accusations.

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