India would provide an additional $500 million in financial assistance to Sri Lanka for it to purchase fuel, Sri Lanka’s top priest told media on Wednesday, adding that Bangladesh was also willing to postpone a $450 million in trade repayments.
“The IMF’s assistance will take around a half year to arrive, and it will be delivered in installments. During the intervening period, we genuinely want to find assets to keep our relatives supplied with essentials “Reuters reported Sri Lankan Foreign Minister GL Peiris as saying.
The further guidance comes on the heels of New Delhi’s recent one-billion-dollar loan extension to Colombo to keep the country’s food and gasoline expenditures under control.
In February, India offered a 500 million dollar aid package to Sri Lanka to purchase oil-based goods for the nation, which is facing the most severe financial crisis in its history.
Arindam Bagchi, a spokesperson of India’s Foreign Ministry, stated on April 7 that India was willing to continue to help Sri Lanka.
“Since mid-March, more than 270,000 metric tons of fuel and petroleum have been transported to Sri Lanka. Furthermore, around 40,000 tones of rice have been given under the recently expanded USD 1 billion credit office “Bagchi said.
Furthermore, the new advice offered to the island country arrives since it is covered under duty. On April 12, Sri Lanka declared default on its $51 billion external commitment.
In the meanwhile, antigovernmental protests erupted when police began firing at demonstrators, killing one and injuring 13 others. During these battles, 15 police officers also assisted with wounds.
Sri Lanka has been suffering from a severe shortage of necessities such as food, gasoline, pharmaceuticals, and so on. It is also dealing with power outages lasting up to 12 hours every day. For some time, the country has been making a commendable effort to obtain the guidance of 4 billion dollars from the International Monetary Fund (IMF), which might take three to four months to arrive in the country.