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Thursday December 01, 2022

Pakistan to lend Sri Lanka $200mn: report

Sri Lanka’s Secretary to the Treasury Sajith Attygalle confirms that Islamabad and Colombo have agreed on the $200 million credit line in principle

By Web Desk
February 02, 2022
Pakistan will lend Sri Lanka $200mn.
Pakistan will lend Sri Lanka $200mn. 

ISLAMABAD: Pakistan has decided to give Colombo a $200 million loan for the purchase of rice and cement, said a Sri Lankan media report.

The decision was made during a recent visit of the Sri Lankan trade minister to Islamabad, the report said. However, the terms and duration of the loan were being finalized by the authorities from both the countries, it added.

Sri Lankan will use the amount for the import of rice and cement from Pakistan.

Sri Lanka’s Secretary to the Treasury Sajith Attygalle confirmed that Islamabad and Colombo have agreed on the $200 million credit line in principle while the details of the credit is yet to be worked out, according to Daily Mirror.

The amount will be used to import cement, basmati rice and medicines manufactured in Pakistan, the publication added.

It is pertinent to mention here that Sri Lanka is facing a shortage of cement recently, which had led to skyrocketing prices.