Indian loan has no strings – Basil

Finance Minister Basil Rajapaksa, who returned to Sri Lanka following a visit to India, said the one-billion USD credit facility given by India, did not come with hidden conditions.

The one billion dollars had to be paid back in installments after three years, the Finance Minister said.

Speaking to journalists after returning, Rajapaksa said President Rajapaksa had a long-term plan for the country.

In recent times, loans and relief facilities provided by India to Sri Lanka had exceeded USD 2.4 billion in total. In addition to USD 1 billion agreed upon a few days ago, India has provided a $ 400 million loan, a $ 500 million loan to purchase petroleum and another $ 500 million via the Asian Clearing Union.

The Finance Minister said India had again shown that it stood by Sri Lanka in difficult times. Indian PM Narendra Modi had told him that India would help Sri Lanka with its economic and social needs, Rajapaksa said.

The Finance Minister added that the Indian PM too was an organic farming enthusiast and he had been impressed by the interest shown by the President Rajapaksa in green agriculture. Thus, India would provide adequate quantities of nano fertiliser.

“India gave Sri Lanka a loan of USD 1 billion to purchase food and other essential items for the upcoming Sinhala Tanil New Year. Now the people, people’s representatives and the business community must come together to solve current issues.” the Finance Minister said.