Government to negotiate a loan from India to purchase fuel

November 21, 2021

The government of Sri Lanka will shortly negotiate a US $ 500 loan from the Government of India to purchase fuel. Presently Sri Lanka is facing a severe foreign exchange crisis due to the depleted foreign reserves in the Treasury. Minister Gammanpila has pointed out that Sri Lanka needs around US$350 million monthly for fuel importation. Meanwhile, the government is also making arrangements to pay at least 75% of the total amount due to the Chinese Company for the importation of Organic fertilizer from China. The Chinese Fertilizer Company in question has put the Peoples Bank on a balcklist. The Colombo Commercial High Court has restrained the People’s Bank from honouring the Letter of Credit on the strength of a case file by the Agricultural Ministry. The total amount due to the Chinese company is 9million US$.

Government to negotiate a loan from India to purchase fuel

RELATED NEWS

New Bill seeks to eliminate rabies and regulate dog ownership in Sri Lanka

Screen time rising among Sri Lankan preschool children, Health Ministry warns

China to deploy meteorological early-warning system in Sri Lanka

Government moves to ease prison overcrowding as remand population falls, Justice Minister says

New Bill seeks to eliminate rabies and regulate dog ownership in Sri Lanka

Screen time rising among Sri Lankan preschool children, Health Ministry warns

China to deploy meteorological early-warning system in Sri Lanka

The Easter Sunday Terror attacks Verdict: What’s Next?

Government moves to ease prison overcrowding as remand population falls, Justice Minister says

Man arrested over alleged transfer of Rs. 24.85 billion in foreign currency abroad

Court hands 200-260 year jail terms over 2019 Easter attacks

15 found guilty in Sri Lanka Easter Sunday attacks trial

Supreme Court says 22nd Amendment does not require referendum