India has offered a new Line of Credit (LOC) of $ 500 million to Sri Lanka for the purchase of petroleum 

products. 

External Affairs Minister Dr. S. Jaishankar extended this critical support in his letter addressed to Foreign Minister Prof. G.L. Peiris.

In a landmark development, External Affairs Minister Dr. S. Jaishankar and Finance Minister Basil Rajapaksa held a detailed virtual meeting on 15 January and discussed various aspects of a robust economic partnership between India and Sri Lanka. Early operationalisation of the LOC will help realise one of the four pillars of economic cooperation identified during the visit of Minister Rajapaksa to India in December 2021.

Recently India had extended foreign exchange support of over $ 900 million to Sri Lanka. “These measures are in line with India’s commitment to stand with Sri Lanka, contribute to Sri Lanka’s economic growth and impart greater momentum to bilateral economic and commercial partnership,” the Indian High Commission said. 

• President wants Parliament to pivot for people’s prosperity

• SJB MPs skip Presidential session