Guidelines for USD 1B credit line issued

COLOMBO (News 1st); The operational guidelines for the USD 1 billion credit line from the Government have been issued.

A credit facility agreement was signed with the State Bank of India (SBI) to obtain up to an aggregate sum of USD 1 billion for the purpose of importation of essential items from India. This facility will enable registered importers to import essential food items, essential pharmaceuticals and raw materials for local industries from India.

The Ministry of Finance of Sri Lanka, together with the Ministry of Trade will take necessary steps to implement this facility.

Once the importers are selected by the Ministry of Trade to import assigned quantities of selected items, they can place orders with the identified Indian suppliers. The importers are required to secure their order by placing a deposit at the General Treasury through their respective banks and once the imports are arrived and cleared by the customs, the Indian suppliers shall be paid with equal Indian Rupees through the SBI.