According to reports, sri lanka, which is in the midst of a terrible financial crisis, has asked india for a loan of less than $500 million to purchase crude oil. Due to reasons such as the relaxation of corona limitations and increasing immunisation, global demand for crude oil continues to rise. Countries that produce crude oil, on the other hand, have not boosted production. Crude oil output in the US gulf of mexico was also impacted by the hurricane, driving up crude oil prices.

In recent days, the price of crude oil on the international market has soared to a three-year high of $ 84 per barrel. sri lanka has been affected particularly hard by the spike in crude oil prices. Corona Dipal Tourism, a vital source of revenue for sri lanka, has been severely harmed. As a result, the country is experiencing a financial crisis. A serious foreign exchange crisis has also hit the country, making it unable to acquire crude oil.

Ceylon Petroleum Corporation, a state-owned firm in sri lanka, owes two of the country's largest banks, bank of Ceylon and People's bank, more than $ 3.3 billion. As a result, Sri Lanka's government requests India's assistance in purchasing crude oil. sri lanka is said to be in talks to receive $500 million under the Indo-Sri Lanka Economic Partnership Agreement. The indian government, however, has not confirmed this.

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SIBY JEYYA

18/10/2021 05:45 AM