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| Saturday, 17 July 2004 |
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US $ 150 million Indian loan to ease import prices The Indian Government has extended a special credit line to Sri Lanka to the value of US $ 150 million on President Chandrika Bandaranaike Kumaratunga's request. This will enable the Government to import petroleum products from India. The loan is repayable over a period of seven years and includes a one year grace period, states a press release from the Presidential Media Unit. The Government of India has also offered highly concessional interest terms. This Indian credit facility is expected to considerably ease the additional pressure on import prices. Further, the exchange rate is expected to strengthen as a consequence of this Indian loan. The Ceylon Petroleum Corporation and IOC will begin using this Indian facility soon. |
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