 India on Tuesday said it had sent another 40,000 tones of diesel goods to Sri Lanka to help alleviate fuel shortages in a debt-ridden country facing a serious economic crisis. India added an additional $ 500 million debt line to Sri Lanka last month to help a neighboring country import fuel as it struggled to pay for its imports after its foreign exchange prices plummeted in recent years, causing inflation and rising prices. of inflation. .
India on May 23 imported about 40,000 tons of fuel to Sri Lanka.”Powering #SriLanka. The delivery of 40,000 MT diesel provided under Indian assistance reached #Colombo yesterday (Monday) evening,” the Indian High Commission tweeted. India and Sri Lanka signed a USD 500 million Line of Credit Agreement for the purchase of petroleum products on February 2, 2022.
Due to the economic crisis and the shortage of forex, India’s 500 million oil credit line has given the island nation a way of life, which is currently facing a major economic crisis since independence in 1948.With long lines of gasoline, cooking gas, shortages and long-term power outages, the community has been suffering for months.
Approximately 400,000 MT for various types of fuel were delivered with Indian assistance in March and April. In line with India’s ‘Neighborhood First’ policy, New Delhi has extended this year’s support alone which could cost more than USD 3.5 billion to the people of Sri Lanka by helping them overcome their current difficulties.
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