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India extends $500 million line of credit to help Sri Lanka purchase fuel

The Indian High Commission said External Affairs Minister S Jaishankar has agreed to offer critical support and the $500 million credit line in a letter to Sri Lankan Foreign Minister G L Peiris.

January 18, 2022 / 08:07 PM IST
Representative image

Representative image

India on Tuesday announced a $500 million credit line to help Sri Lanka purchase petroleum products as the island nation struggles with a massive fuel and energy crisis.

The Indian High Commission said External Affairs Minister S Jaishankar has agreed to offer critical support and the $500 million credit line in a letter to Sri Lankan Foreign Minister G L Peiris.

Sri Lanka is currently facing a severe foreign exchange shortage with falling reserves.

This has led to the currency losing value, making imports costly.