The Lines of Credit (LOCs) granted by India to crisis-hit Sri Lanka for the purchase of fuel and food now account USD 1.5 billion, and the consignments that have been given to them will be continued, India’s High Commissioner to Sri Lanka Gopal Baglay told ANI on Tuesday.
The financial package extended by India to Sri Lanka, which is currently experiencing a financial and economic crisis, will ensure that the country’s immediate needs are met, while also assisting them in the stabilisation of its domestic economy.
According to the envoy, a USD 500 million line of credit for fuel purchases was signed in February, and four consignments totaling over 1,50,000 tonnes of jet aviation fuel, diesel, and petrol have arrived in Sri Lanka since the beginning of March. Five more consignments are scheduled to arrive until May, and a USD 1 billion line of credit for food, medicine, and essential items was signed last month. Aside from that, the first shipment of rice from India is expected to arrive in Sri Lanka soon under this credit facility.