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Lanka seeks $500-mn loan from India for fuel purchases amid forex crisis

The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of President Gotabaya Rajapaksa

Sri Lanka needs between $3 billion to $4 billion this year to pull itself out of an unprecedented economic crisis, Finance Minister Ali Sabry said
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On Monday, India said it has delivered around 40,000 metric tonnes of petrol to Sri Lanka, days after supplying 40,000 metric tonnes of diesel under the Indian credit line to help ease the acute fuel shortage

Press Trust of India
The Sri Lankan Cabinet has approved seeking a 500 million dollar loan from the Exim Bank of India for the purchase of petroleum products amid a severe foreign exchange crisis in the island nation.

Sri Lanka has been mulling different options to facilitate measures to prevent fuel pumps from going dry, as the country faces a severe foreign exchange crisis to pay for its imports.

The country is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948. It is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for

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First Published: May 24 2022 | 11:20 PM IST

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