India has offered a new Line of Credit (LOC) of USD 500 million to Sri Lanka for the purchase of petroleum products, External Affairs Minister Dr. S. Jaishankar mentioned, extending this critical support addressed to the Foreign Minister of Sri Lanka, Prof. G.L. Peiris. This was made known through a press release from the Indian High Commission today (18). "It would be recalled that in a landmark development, External Affairs Minister Dr. S. Jaishankar and Hon’ble Minister of Finance, Mr. Basil Rajapaksa held a detailed virtual meeting on January 15, 2022 and discussed various aspects of robust economic partnership between India and Sri Lanka. Early operationalization of the LOC will help realize one of the four pillars of economic cooperation identified during the visit of Hon’ble Minister of Finance, Mr. Basil Rajapaksa to India in December 2021," the press release mentioned. Additionally, India had extended foreign exchange support of over USD 900 million to Sri Lanka, the letter mentioned, further stating that these measures are in line with India’s commitment to stand with Sri Lanka, contribute to Sri Lanka’s economic growth and impart greater momentum to bilateral economic and commercial partnership.