The Cabinet has approved a series of short-term loans from the Export-Import Bank of India for the purchase of petroleum products.
Accordingly, arrangements have been made to obtain a short term loan facility of US $ 500 million and a loan facility of US $ 200 million with the assistance of the State Bank of India.
The Cabinet also approved a series of short-term loans of US $ 500 million from the Export-Import Bank of India to purchase the required petroleum products to meet the existing foreign exchange deficit.
The relevant proposal was made by Energy Minister Kanchana Wijesekera.
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