India Gets Sri Lanka On Its Side With Oil Loan Worth $500 Million

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India now seems to be in a position of handing off loans as it helps Sri Lanka in its darkest hour (literally). With reeling power cuts and shortage of oil, the country has been troubled over scarce electricity. The island has now secured a $500 million loan from India to save its sinking economy.

Indeed, the island is looking cash strapped.  No wonder, this has left their thermal power generators dry, with the country finding it difficult to keep the lights on, disrupting transport networks as well. Even traders are seen running desperately low on foreign currency to fund imports.

The country still uses fossil fuels to fire its thermal power plants. There have been frequent breakdowns at a huge coal power plant too. Blame it on lack of coal supply as well. So, the unannounced electricity power cuts and understandable. Even cooking gas and kerosene is not easily available to households.

Officials said a formal agreement was being signed after two weeks of talks, in addition to a recent $915 million in foreign exchange support. An Indian diplomat said talks were underway on another $1 billion credit line to fund urgently needed food and medicine imports from India.

 

Sri Lanka is a pivotal point of focus for China in its battle to come closer to attacking India through sea. By giving a shoulder to cry on, India is only ensuring it can keep a car in its pocket.

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