The Indian Line of Credit (LOC) that has been granted for the purchase of essential items, including food and medicines, is to be used for the purchase of steel and iron required by the construction industry, it is learnt.
The Government was earlier planning on procuring raw materials required for the country’s industrial sector under an LOC sought from China for $ 1.5 billion. However, discussions between the two countries have been continuing for several months now on the Chinese LOC as well as a $ 1 billion loan facility for Sri Lanka.
According to Chinese Ambassador to Sri Lanka Qi Zhenhong, the $ 2.5 billion financial assistance sought by Sri Lanka has been affected by the Sri Lankan Government’s decision to seek assistance from the International Monetary Fund (IMF). He told a group of journalists last week that the negotiations with the IMF would also affect future loans from China to Sri Lanka, especially since Sri Lanka would have to face strict conditions imposed by the IMF in lieu of assistance.
Sunny Side Up: Indian LOC for steel?
30 Apr 2022
Sunny Side Up: Indian LOC for steel?
30 Apr 2022
The Indian Line of Credit (LOC) that has been granted for the purchase of essential items, including food and medicines, is to be used for the purchase of steel and iron required by the construction industry, it is learnt.
The Government was earlier planning on procuring raw materials required for the country’s industrial sector under an LOC sought from China for $ 1.5 billion. However, discussions between the two countries have been continuing for several months now on the Chinese LOC as well as a $ 1 billion loan facility for Sri Lanka.
According to Chinese Ambassador to Sri Lanka Qi Zhenhong, the $ 2.5 billion financial assistance sought by Sri Lanka has been affected by the Sri Lankan Government’s decision to seek assistance from the International Monetary Fund (IMF). He told a group of journalists last week that the negotiations with the IMF would also affect future loans from China to Sri Lanka, especially since Sri Lanka would have to face strict conditions imposed by the IMF in lieu of assistance.
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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!