Update on Pakistan's $ 50 Million Defense Credit Line for Sri Lanka

Pakistan’s Ministry of Finance (MoF) has advised its Ministry of Defence Production (MoDP) to seek the approval of the Economic Coordination Committee (ECC) or Cabinet for establishing a Defence Credit Line Facility of $50 million for Sri Lanka.

In pursuance of the Pakistani Prime Minister’s commitment to the Sri Lankan Government, a draft MoU regarding the Defence Credit Line facility was prepared and shared with Pakistan’s Ministries of Foreign Affairs, Finance, and Economic Affairs Division.

It further reported that in a recent development; however, the MoDP has been advised by the Finance Division to obtain principle approval of ECC/ Cabinet for the opening of Defence Credit Line Facility of$ 50 million for Sri Lanka, before engaging in negotiations with the bilateral partner.