Sri lanka asks for 500 million dollar loan from India

Amid a severe fuel crisis,Sri lanka has asked for a 500 million dollar loan from India to pay for its crude oil purchases. This comes a few days after the Sri Lankan energy minister Udaya Gammanpila warned that the current availability of fuel will last only till january next year. Note that Sri Lanka's state run agency, the Ceylon Petroleum Corporation,owes nearly 3.3 billion dollars to two Sri Lankan banks, i.e., the bank of Ceylon and the people's bank.