India will give another $500 million in fuel aid: Sri Lanka foreign minister

India will give Sri Lanka an additional $500 million in financial assistance to buy fuel, the troubled island nation’s foreign minister told reporters Wednesday, adding that Bangladesh was also willing to postpone $450 million in swap repayments to ease Colombo’s burden.

“Assistance by the IMF will take about six months to come to us and it will come in tranches,” Sri Lankan Foreign Minister GL Peiris was quoted by Reuters. “During the intervening period, we need to find funds to keep our people supplied with essentials.”

This will be the second $500 million India has provided in fuel credit to a Sri Lanka government battling the country’s worst financial crisis in living memory.