Japan lends Rs. 780 mn to ease balance of payment crunch and promote economic development

Sri Lanka has secured around Rs. 780 mn (Japanese Yen 800 mn) worth of financial assistance from Japan to ease balance of payment difficulties and promote economic development. Sri Lanka has secured around Rs. 780 mn (Japanese Yen 800 mn) worth of financial assistance from Japan to ease balance of payment difficulties and promote economic development. The funds are disbursed under a concessional Non Project Grant Aid Programme (NPGA), the Finance Ministry said Wednesday.

Half of the value of the products imported under this grant will go into a special account and then be used to promote socio economic development.

The proceeds of a previous grant of Japanese Yen 1.5 bn (Rs. 1.3 bn) offered earlier this year was used to import petroleum products and fertiliser.

The 108,000 barrels of diesel and 77,000 barrels of aviation fuel are to be delivered to Ceylon Petroleum Corporation during this month.

Funds allocated for fertiliser will be used by the state owned fertilizer companies to import 10,000 metric tons of Triple Superphospate early next year.

Japanese Ambassador, Mr. Akio Suda, and Dr. P B Jayasundera, Secretary, Finance Ministry, signed the Exchan