Iranian Foreign Minister Hossein to visit Sri Lanka - Report

COLOMBO (News 1st): Iranian Foreign Minister Hossein Amir-Abdollahian is expected to visit Sri Lanka at the end of January 2022, reports said on Thursday (27).

Amir-Abdollahian will visit New Delhi at the end of the week amidst Tehran’s talks with world powers on the Joint Comprehensive Plan of Action (JCPOA) and urgent diplomatic business with India.

Amir-Abdollahian will then leave for Sri Lanka which needs a helping hand due to its economic crisis.

Both sides have finalized a tea-for-oil pact under which Sri Lanka pays off the import of oil by exporting tea to Iran.

In December 2021, Sri Lanka and Iran signed a Memorandum of Understanding (MoU) to settle $ 251 million worth of credit outstanding with Ceylon Petroleum Corporation (CPC) with the supply of tea of equivalent value.

Under the scheme, $ 251 million outstanding from CPC to Iran’s National Iranian Oil Company will be settled via the export of Ceylon Tea to Iran.

Under this scheme, the Ministry of Finance is expected to release Sri Lanka Rupees of an equivalent amount of USD 5 Million per month in settlement of the outstanding debt arising until the entirety is settled.

The Iranian Foreign Minister’s India-Sri Lanka tour comes after his trips to Moscow and Beijing.