Under the Indo-Sri Lanka Economic Joint Agreement, it is stated that the country would borrow $500 million from India. According to reports, the Sri Lankan government is seeking India's assistance in obtaining a $ 500 million loan. The Sri Lankan government is thought to be using the loan to satisfy its petroleum demands.
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Following fuel, the price of diesel has surpassed 100 rupees, causing consternation among motorists. Fuel inflation, which includes petrol, diesel, and gas, is a global issue as well as a concern in India. sri lanka, our neighbour, is experiencing a terrible crisis as a result of increased fuel prices. Sri Lanka's Energy Minister, Udaya Kamanpila, recently warned reporters that the country's energy reserves will only be available on a commercial basis until january of next year.
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Due to rising crude oil prices on international markets, the Sri Lankan government's expenditure on fuel imports has grown by 41.5 per cent this year alone. As the hourly exchange rate falls, the load increases even more. Meanwhile, Sri Lanka's government intends to borrow money from india to cover its petroleum costs. sumit Wijesinghe, chairman of Ceylon Petroleum, said he was in talks with indian embassy officials about obtaining $ 500 million in loans from india under the Indo-Lanka Economic Cooperation Agreement.
He also claimed, according to the sri lanka Local news Agency, that a loan agreement between the two countries will be signed soon. Sri Lanka's state-owned oil business, Ceylon Petroleum Corporation, owes $ 3.3 billion to the country's two biggest banks, bank of Ceylon and People's Bank. The Sri Lankan government has been importing fuel from the Middle East, particularly crude oil, as well as refined petroleum products from nations such as Singapore.
