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Indian LOC: $ 200 m for meds will be fully utilised: The Treasury

12 Jun 2022

By Skandha Gunasekara The Treasury yesterday (11) refuted allegations that only half of the $ 200 million Indian Line of Credit (LOC) for health and medicine imports would be utilised. Treasury Deputy Secretary R.M.P.K. Ratnayake asserted that the total of $ 200 million would be used to import essential medicines which were in short supply from India. “There is no reason why the full amount cannot be used. It is up to the private importers to submit the invoices, but the $ 200 million credit line in its entirety will be utilised,” Ratnayake said. He said that thus far, $ 100 million worth of medicines had been or would be imported, and that claims that inefficiency in the health sector had led to the remaining $ 100 million being unusable were false. “So far invoices for medicinal imports worth $ 100 million have been forwarded as far as our data shows. How fast the remainder of the credit line is used depends on the private importers making their invoices. There is no truth in any allegations that the full credit line will not be utilised.” He added that there was ample time to use the credit line from India for pharmaceuticals. “The credit line of $ 200 million for medicines and health imports expires after one year; there is enough time to use it all,” he opined.       


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