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India claims gave Lanka over $3B of aid in 2022

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People stand in a queue to buy kerosene oil for home use at a petrol station in Colombo. AFP

India claims gave Lanka over $3B of aid in 2022

India on May 3 said its economic assistance to Sri Lanka, facing its worst economic crisis since independence in 1948, stands at more than $3 billion this year, so far, and is instrumental in addressing diverse needs of the government and people of Sri Lanka.

The $1 billion credit Facility for purchase of food, medicines and other essential commodities is already operational and around 16,000 tonnes of rice supplied under it are being distributed, the Indian High Commission in Colombo said in a statement.

To date, additional consignments of rice and other food supplies, medicines and industrial raw materials, among others, are envisaged under the credit line, reports the New Delhi correspondent of the Daily Star, citing the statement.

A separate Line of Credit of $500 million for the purchase of petroleum products, such as diesel, petrol and aviation fuel, has paved the way for the delivery of nine consignments of different types of fuel.

Petrol and diesel supplies have been distributed across the 1,300 fuel outlets in all the 25 districts of Sri Lanka. Close to 400,000 tonnes of fuel have been delivered under this credit line to date and more consignments are due to reach the island nation soon.

Deferment of dues of about $1 billion till March this year, to be paid by the Central Bank of Sri Lanka to the Reserve Bank of India, under the Asian Clearing Union, will assist in strengthening the forex reserves of Sri Lanka.

This has been complemented by the currency swap of $400 million, which was further extended by three months on April 18 this year.

THE DAILY STAR (BANGLADESH)/ASIA NEWS NETWORK

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