Sri Lanka Seeks $500 Million From India For Fuel Crisis

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On Saturday the government of Srilanka said that it is continuing efforts to get a $500 million loan from India, so that the Island nation can ensure fuel supplies and also can severe the foreign exchange crisis in Srilanka.

Srilanka energy minister Udaya Gammanpila said that “The proposal has been sent to the Treasury for approval and would be submitted to the Cabinet thereafter,”

He said the cabinet had already sanctioned a $3.6-billion loan from Oman for fuel purchases.

Gammanpila pointed out that the fuel issue of the country can only be silver after January of next year, as the country is facing a crisis.

Srilanka is facing a major crisis, as the tourism sector of the country got badly hit by the pandemic, said the finance minister of sri lanka Basil Rajapaksa, last year.

The GDP of Sri Lanka contracted by a record 3.6 per cent in 2020 and the foreign exchange reserves also reduced to half in one year to just $2.8 billion in July.

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