Sri Lanka signs $500 million credit line with India to import fuel
COLOMBO (Reuters) -Sri Lanka signed a $500 million credit line with India to import fuel on Wednesday, officials said, as the island nation seeks to stave off rolling power cuts amid a foreign exchange crisis that has hampered purchases of diesel for power plants.
The Export-Import Bank of India (EXIM) will provide the credit line for purchasing petroleum products, India’s High Commission in Sri Lanka’s main city Colombo said on Twitter.
Sri Lanka is struggling with its worst financial crisis in years with reserves hitting $3.1 billion in December. The country has to repay about $4 billion in debt repayments this year.
