India steps in to bail out Sri Lanka

India on Saturday delivered 40,000 tonnes of diesel to crisis-hit Sri Lanka.

By Sagarika Satapathy
India steps in to bail out Sri Lanka

Insight Bureau:  While Sri Lanka is currently facing its worst economic crisis since the country got independence in 1948, India has responded to urgent requests from Sri Lanka with promptness.

India’s High Commissioner to Sri Lanka, Gopal Baglay, on Sunday said India’s prompt assistance at this hour has been appreciated by all sections of the society.

India on Saturday delivered 40,000 tonnes of diesel to crisis-hit Sri Lanka.

Since January this year, support from India to Sri Lanka exceeds US dollars 2.5 billion.

“A line of credit of $500 million signed in February. 4 consignments totalling over 150,000 tons of jet aviation fuel, diesel & petrol have since arrived. 5 more consignments to follow till May. Another line of credit of $1 billion for food, medicine & essential items signed”, the High Commissioner said.

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“The first consignment of rice from India is expected to arrive in SL shortly under this credit facility. Besides, RBI has extended a currency swap of US dollars 400 million & deferred payments owed by Central Bank of Sri Lanka owed to RBI under the Asian Clearance Union worth several hundred million dollars”, he added.

 

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