May 24, Colombo: The Government of Sri Lanka is planning to obtain another USD 500 million short term loan from India to purchase petroleum products.

Actions have already been taken by now for obtaining a short – term loan facility of USD 500 million with the assistance of the export – import bank of the Indian government as well as another loan facility of USD 200 million under the assistance of the State bank of India in order to purchase petroleum products required by this country under the current economic circumstances prevailing within the country, a statement on cabinet decisions said.

The cabinet of ministers granted approval for the proposal submitted by the Minister of Power and Energy to obtain a series of short – term loan facilities worth another USD 500 million with the assistance of the export –import bank of the Indian government in order to purchase petroleum products required by the country settling the foreign exchange shortage existing at the moment.