Pakistan to lend Sri Lanka $200mn to buy rice, cement

Pakistan has decided to lend Sri Lanka a $200 million loan for the purchase of rice and cement, The News reported.

The decision was made during a recent visit of the Sri Lankan Trade Minister to Islamabad, the report said.

However, the terms and duration of the loan were being finalised by the authorities from both the countries, it added.

Sri Lanka will use the amount for the import of rice and cement from Pakistan.

Sri Lanka’s Secretary to the Treasury Sajith Attygalle confirmed that Islamabad and Colombo have agreed on the $200 million credit line in principle while the details of the credit is yet to be worked out, according to the Colombo-based Daily Mirror newspaper.

The amount will be used to import cement, basmati rice and medicines manufactured in Pakistan, the publication added.

Sri Lanka has been facing a shortage of cement which has led to skyrocketing prices.

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