Minister Basil says there are no conditions for the US $ 1 billion Indian loan facility

On Thursday (March 17), the Finance Minister sealed a USD 1 billion credit line with India to help ease crippling shortages of essential items, including fuel, food and medicine.

The USD 1 billion loan facility, which formed the key component of the four-pillar economic cooperation arrangement agreed between India and Sri Lanka during Minister Rajapaksa’s visit to New Delhi in December last year, was extended to the Government of Sri Lanka for procurement of food, medicines and other essential items.