Sri Lanka settles 35 out of 250 million dollars owed to Iran

29 April 2024 07:31 am - 16 - {{hitsCtrl.values.hits}}

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Colombo, April 28 (Daily Mirror) - Sri Lanka had settled US $ 35 million out of US$ 250 million owed to Iran for oil purchased in 2012, an official said.

Sri Lanka could not make payment because of sanctions on Iran. Later, the government decided to settle the dues bartering tea for oil.

An official who is familiar with the transactions said the country had settled US $ 35 million by the end of February and another US$ 10 million was to be settled soon.

The tea-for-oil deal was agreed upon in December 2021, but exports were delayed by the economic crisis.

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Comments - 16

Adwani Monday, 29 April 2024 08:23 AM

Settle Iran soonest poosible, do not try to take advantage of Sanctions, because Iranians are not fools to listen to our lame excuses. If possible settle further sum as currency swap in SL Currency, so that they can purchase with that currency anything they need from Sri Lanka.

Bill Monday, 29 April 2024 10:33 AM

Stupid commenting on non existing situations.

Inawda Monday, 29 April 2024 11:05 AM

Are you the famous Indian adwani? When did you get into advising also?

Perera Monday, 29 April 2024 11:37 AM

No one can transfer money to Iran as all foreign banks are prohibited do transactions with Iranian banks. It's not an excuse!

Kamal Monday, 29 April 2024 11:37 AM

As long as the proceeds do not go towards enriching uranium and weapons of war. It is common knowledge that Iran has been waging proxy wars in the region for long while and cannot be trusted in that respect. They have few friends even amongst their own. That should speak volumes.

Curious Being Monday, 29 April 2024 10:56 AM

did we pay the full amount to Bangladesh yet that we owed

Ni Monday, 29 April 2024 05:47 PM

In between something for tea for oil was indicated...is this not the case

Kowsalya Mohanakumar Monday, 29 April 2024 11:03 AM

Hopefully, Sri lanka's economic situation improves so they can settle the full amount quickly.

Will Be Long Time More Monday, 29 April 2024 09:49 PM

Will be a long long time as The government’s expenses are high. The amount of money spend on free education, healthcare, huge amount of public servants and Tri Force, pensions payments etc will definitely make them take new loans again soon. The current accumulation of reserves will be used eventually to pay up the outstanding debts with interest taken over the past years. Currently outstanding debts around USD$60 billion and counting!

Should Have Sold The Tea and Kept the Money Monday, 29 April 2024 11:06 AM

How come only Iran’s debt are partially being paid? Was told debt payments are delayed and some will start only end of next year onwards. Should have sold the tea in the open market and kept the money and build up the reserves further. Would have improved the rupee further and government will look good to proceed with the long awaited elections. Current accumulation in the reserves has made many citizens satisfied with the government’s performance and will be voting them back.

Ammo Monday, 29 April 2024 11:39 AM

Another 74 years to settle the remainder?

Loan Repayments will Be There for Many Years Monday, 29 April 2024 10:06 PM

Might be more years and many people can’t understand the gravity these loans are having. Looks like most have been brainwashed with the stability and rupee going up recently. Hoping some Sanity prevails on Voting Day.

Mandayan Monday, 29 April 2024 08:31 PM

So Iranian President came to collect the due, right?

Guru Monday, 29 April 2024 10:04 PM

For the next 2500 years Sri Lanka will be settling loans. Its best to rename it Loan Lanka.

Shera Monday, 29 April 2024 10:19 PM

Iran needs money to wage wars in the west and Middle East. This is their fundraiser. Don't know how IMF and World Bank will look at this.

Adwani Tuesday, 30 April 2024 08:19 AM

@Bill - We need to be honest towards our financial supporters. Our image as beggars is established all over the world. @Perera - Turkey settled Iran with Gold Bricks worth billions of US Dollars. You do not need bank to settle any country.

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Sri Lanka settles 35 out of 250 million dollars owed to Iran

Comments - 16

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