Sri Lanka is on its knees with a fuel crisis that has crippled the economy. It seems that there are no fuel stocks scheduled to arrive before the end of the month.
Senior Advisor to Premier Wickremesinghe, sagala Rathnayaka previously said that fuel will arrive by the 22nd of July but now the PM’s office has clarified officially that there is no oil to arrive soon.
The Indian Oil Corporation is to get three oil shipments in the middle of the month, but that would be a drop in the ocean given the current demand.
Concerned over Indian demands
Meanwhile, India has informed Sri Lanka of its limitations of continuing sly pumping in aid to Sri Lanka. Indian Foreign Minister Dr Subrahmaniam Jaishankar has met Sri Lanka’s High Commissioner to India, Milinda Moragoda and informed him about its limitations.
The Indian government has to keep in mind Sri Lankan’s capacity to pay back, which is very low and uncertain at the moment. Also, the Indian opposition has raised concerns as to why the BJP-led government is extending it’s to pull out Sri Lanka from this crisis by stretching out beyond its limits.
India has already agreed in principle to bridge finance of around two billion US dollars. The Monterey managers are aware that this bridging finance is going to come with tough conditions but they are also aware that there is no other alternative than agreeing. India will undoubtedly get the best of Sri Lanka by gaining hold of valuable business opportunities and other assets.
Indian terms and conditions
The International Monetary Fund (IMF)is mindful that any agreement is in tune with Indian terms and conditions.
President Rajapaksa and Premier Wickremesinghe have expressed willingness to the Indian terms and conditions in principal and the terms and conditions have not been made public.