Sri Lanka is currently holding discussion with the India to obtain a credit line of USD 500 million to buy fuel to and delay payments, President’s Secretary P. B.Jayasundera has said.
Speaking to Economy Next, Jayasundera said that if the discussions are succeeded petroleum burden would be reduced a little bit.
Ceylon Petroleum Corporation owes nearly USD 3.3 billion to the two main state banks, almost equal to Sri Lanka’s current foreign exchange reserves over loans taken during periods when there was pressure on the currency, the Economy Next reported.
Meanwhile, Sri Lanka also holding discussions with the UAE for concessionary arrangements to buy oil.
In a statement, the Foreign Ministry said that Minister Prof. G.L. Peirismade the request when he met UAE Industry and Advanced Technology Minister Sultan Al Jaber on the sidelines of the 76th session of the United Nations General Assembly (UNGA) in New York.
The Ministry said that Prof. Peiris received a positive response from Minister Al Jaber regarding the request.