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Last Updated : 2024-04-26 22:10:00
Environment Minister Naseer Ahamed, in his capacity of the president’s envoy to Saudi Arabia, has initiated discussions with the Saudi government last week seeking for a five year credit line of US $ 6 billion for the supply of fuel on a government to government basis, as a long-term solution to Sri Lanka’s current economic crisis, Daily Mirror learns.
Minister Naseer Ahamed as the Special Envoy also proposed Saudi investments in Sri Lanka for manufacturing agricultural fertilizer, constructing petroleum storage facilities, establishing fuel supply stations, modernizing and expanding the refinery, opportunities in mining minerals and promoting renewable energy.
During the meeting with Saudi Vice Minister of Foreign Affairs Waleed Al Khuraiji in Riyadh last week, Minister Ahamed conveyed the interest of President Wickremesinghe to invite the Saudi Crown Prince Mohammed bin Salman to visit Sri Lanka at his convenience. A possible visit of President Wickremesinghe to Riyadh prior to the Saudi ruler’s visit to Sri Lanka has also come up in the discussions, the sources said.
At the meeting with Eng. Mansour bin Hilal Al Mushaiti, Vice Minister of Environment, Water and Agriculture, Minister Ahamed referred to the role of coco-peat in the 10 million trees project of the Saudi Green Initiative and the possibilities of the Saudi Ministry investing in a coco-peat venture in Sri Lanka.
The Ministers followed up with a visit to the Saudi Basic Industries Corporation (SABIC) which produces fertilisers, industrial polymers, triple phosphate fertilisers and petrochemicals. ‘SABIC’ had responded its readiness to supply Sri Lanka’s requirements on a government to government basis or to the private sector.
The Sri Lankan Minister also called on the Saudi Development Fund. Its CEO Dr Sultan Al Marshad said that the Fund is principally a development partner in projects and a lending agency.
The Environment Minister is an alumnus of the King Fahd University of Petroleum and Mineral in Riyadh .
The Environment Minister was in Saudi Arabia from 28th August to 1st September and was accompanied by Sri Lanka’s Ambassador to Saudi Arabia P. M. Amza and other officials. The Minister is understood to have briefed the President and the Cabinet on Monday. (Kelum Bandara)
Kumar Wednesday, 07 September 2022 07:08 AM
So, what happened to your Russian friends? They need cold hard cash buy back ordnance from N. Korea?
DW Wednesday, 07 September 2022 07:14 AM
What ever they borrow have to be paid back with interests. Do SL politicians have the brain to realise that?
Punchi Wednesday, 07 September 2022 07:31 AM
Already the IMF is saying that Japan, China and India will have to take a hair cut on their loans to help us out. Now we are asking Saudi Arabia to give us a credit line which we have no hope of ever settling. Maybe only by shipping our damsels for indentured labour
Sam Wednesday, 07 September 2022 07:33 AM
Great, more unsustainable debt. Just what we need.
Spartacus Wednesday, 07 September 2022 07:46 AM
Tell them, Sinhalese now believe burials cannot lead to water contamination and now are even ready to get a tip cut if this is approved.
Jude Wednesday, 07 September 2022 07:50 AM
Saudi's trying to stabilize Oil prices with the help from OPEC 1 and Oil demand is softening And that's effecting the budget of Saudi's in coming months!!
Ravi Wednesday, 07 September 2022 08:42 AM
We should have done this long time ago, instead of allowing India to buy the oil and sell it to us with high price.
Human Wrongs Watch Wednesday, 07 September 2022 08:43 AM
Dear Minister, Achieve success first. Thereafter come and splash the news to the public. All Talk and No Action compells all of us Sri Lankans to lose respect to our leaders whom a majority elected.
Citizen k Wednesday, 07 September 2022 08:58 AM
Hope these are facts and not hot air.We have seen many of these kind of press releases.Make it happen!
SM Wednesday, 07 September 2022 09:17 AM
After burning the muslims, living and deceased, like garbage, now these singha-leyas go with the begging bowl for the upteeth time to the muslims. Talk about the only race in the world that spits beetle spittle while looking up.... Unfortunately they never learn... the bodu balu sena's main dog and his rabid mongrel pack will soon be unleashed on the muslims again.
M.H.M. Mohamed Ali Nawfer Wednesday, 07 September 2022 09:37 AM
From when you became the Minister of Power
Kamal Bolawansa Wednesday, 07 September 2022 09:39 AM
What is the commission you will get Sir? Like Basil Kaputa 10% or 20%?
STM Jabeer Hajiar [From Ampara] Wednesday, 07 September 2022 09:41 AM
Even if we get it - 50% will go to Naseer Ahamed's pocket, as I know how this man plays out public funds.
D P P Prasad Wednesday, 07 September 2022 09:57 AM
At this crucial juncture the discussion which was held with the the top officials of Saudi government is some sort of consolation to the all Srilankans.If the government can obtain the fossil fuel on credit basis from Saudi the burning fuel issue can be mitigated and regulated some extent.
Rajkumar Wednesday, 07 September 2022 10:10 AM
Looks like this Minister is a Conman. Is this realistic, 6 Billion worth of creditline
What a Game Wednesday, 07 September 2022 10:14 AM
Oh, you are lucky Mr. Minister, you will get USS$ 3 billion, it enough for your generations
Shariq Wednesday, 07 September 2022 10:14 AM
Right now the cheapest oil can be found in Russia. India's central bank is trying to make payments using a direct conversion without going through SWIFT using local currency. Why can't we do this as well?
Alam Haj Wednesday, 07 September 2022 10:33 AM
Arab descent comes from the Southern part of Sri Lanka, including Negambo. This man typical crooo...
Jay Wednesday, 07 September 2022 10:47 AM
EYE WASH. WASTED OUR MONEY. FIRST VISITED TO. U A E. NOTHING HAPPENED. HE DONE HIS FAMILY SHOPPING.
Surain Wednesday, 07 September 2022 12:20 PM
Gamana payin kathawa dolawen
Anthony Wednesday, 07 September 2022 01:06 PM
It's easy for all of us to comment, but we cannot do or have any ideas how to do. At this moment we have to keep borrowing there is no choice, any government comes in they all have to do the same thing, so in whatever way let's get our needs and not allow the innocent people of Sri Lanka to suffer.
Ram Wednesday, 07 September 2022 01:08 PM
If Jet Fuel and ships Fuel needs are included in the imports then there will be some forex earnings. If it is only fuel for local consumption this loan too will not be sustainable and we could get deeper in the debt trap
Anton Wednesday, 07 September 2022 01:41 PM
1001 fairy tales from Arabia.
iThink Wednesday, 07 September 2022 01:51 PM
There are Srilankans who are posting comments regularly that India is buying cheap Russian oil and selling it to SL at higher price. What is conveniently forgotten is that India buys only about 10% of its oil from Russia and 90% comes from elsewhere bought at market prices. So, whatever oil India is supplying to SL, 90% of it is bought at market price, unless all Srilankans believe that the Russian oil belongs to them and India must supply the Russian oil only to SL and must use the more expensive oil for themselves!! Secondly the oil is bought in cash by India and supplied to SL on Credit. The credit line has a low rate of interest, so India doesn't gain much here.
Promises are at galore Wednesday, 07 September 2022 01:58 PM
Your efforts appreciated but tell us once finalised. People will be very grateful to you.
K. Andersson Wednesday, 07 September 2022 02:06 PM
Use common sense! Why want to get more loans when these billions are already in the country. How many millions going in the drain each day in way of all privileges given to from president to ministers, mps, bureaucrats and in mass corruption. Huge sums are wasted each day. Have any cost cutting done in these areas since the economic collapse in the country?
Mudalali Wednesday, 07 September 2022 02:12 PM
How can the country afford the loan and interest payment? Apparently big commissions are being offered. This will be the end of Sri Lanka and it's economy.
Truth Wednesday, 07 September 2022 02:30 PM
Yes, getting lone is promoted as an adventure in Srilanka.
Karalasingam Sivalingam Wednesday, 07 September 2022 02:49 PM
This is a good move to obtain fuel, once this comes through, life in SriLanka will bounce back to normalcy.
Don Mangala Munasinghe Wednesday, 07 September 2022 02:58 PM
Initiate a discussion last week does not mean an agreement is finalized or signed. At least wait for a response from Saudi Government before releasing information to media to show off...you are basically deceiving the public. This is just useless news without an agreement in place. Do the work first, look for appreciation later, it shouldn’t be other way around...
june macapagal Wednesday, 07 September 2022 03:20 PM
He is just talking but nothing will materialize. Saudis are not fools to give such a large credit facility knowing well that repayment power is not there. This fellow is a number one liar. just went on a joy trip to Saudi and has spent tax payers money
SLMuslim Wednesday, 07 September 2022 03:51 PM
Well I hope and pray Saudi Arabia provide this credit line to our beloved country and its lovely people who have been knocked about by powers that be within and outside for no fault of their own. In fact I would hope as a Muslim the Sri Lankans research Islam and see the Truth and I mean that sincerely as Islam will solve all the problems Sri Lanka is facing financial and otherwise. It will also put your heart and mind as ease. If you're smart consider if a God exist and to that effect I will ask you.. Did we (universe) come from nothing? Did we create ourselves? or were we created?
Lank Wednesday, 07 September 2022 03:51 PM
Get money from any where even from devils ...we don't care where money come from except some those people who put on a huge amount of interest on us .. otherwise we are Friendly with all countries... International politics or geopolitics is give and take between countries and we are ready to welcome any investment from any countries
Anna Wednesday, 07 September 2022 04:15 PM
The Saudis are selling the oil at much higher than what Russia is offering. Again , are we doing such moves to satisfy a particular community in Sri Lanka?
Daring youth Wednesday, 07 September 2022 04:18 PM
Super to hear. Previously it was all about how even Saudi Arabia was asking what can Sri Lanka offer them in exchange. I expect it takes quite a lot of liaison and smooth skills to what seems a deal out of nowhere to begin happening. Quite impressed to hear about it.
Lanka Wednesday, 07 September 2022 05:26 PM
The more you borrow the more you're in debt. It's not rocket science. The government and the masses cannot understand a simple fact and we are falling into a deeper hole. First of all STOP the WASTE!
Tissa Fernando Wednesday, 07 September 2022 05:56 PM
To settle the debt, send more housemaid. The broken english speaking elite in Sri Lanka who looks down on housemaids and also on Middle East countries however will be in AC comfort using the fuel earned by Housemaids from middle East countries.
sal Wednesday, 07 September 2022 06:24 PM
@Alam Haj: Not sure where you are going with this. We Moors from Negombo and the south are proud to be Sri Lankans of Arab descent and love this country as much as anyone else. It is racist to pull a person's ethnicity to highlight flaws in his character. We do not class all Sinhalese as crooks just because Gota and gang robbed and bankrupted us. We do not class all Tamils as terrorists because of Prabakaran. Let us not pull the race card out everytime. If this man is a crook, that has nothing to do with his race. Thats his own character.
Wold Thinks Thursday, 08 September 2022 07:38 AM
The whole world thinks, India is the 'Back Door' and Indians are stealthily breaking the Queue Everywhere. India Tells Oil Companies to Load Up on Discounted Russian Crude, June 21, 2022 - The Wall Street Journal. The Indian government has asked state oil companies to scoop up huge volumes of cheap crude from Russia, according to industry executives, strengthening commercial ties with the country even as the West tightens sanctions on Moscow. Concerns grow that India is 'back door' into Europe for Russian oil. - The Guardian. Business. Volume of Russian crude bought and then exported by India suggests some of it may end up in European Petrol stations. No wonder this ill-gotten cheap Russian oil may sold into SL high priced after this deliberate choking of Sri Lanka. From the Horse's mouth. India was targeted for buying Russian oil, real culprit is EU May 27, 2022. HindustanTimes. While the western media and diplomacy orchestrated a campaign against India for buying Russian oil
Adam Thursday, 08 September 2022 03:00 PM
According to news item, none of the Senior Saudi Ministers gave Mr Naseer Ahmed an audience to meet. It indicates less important for them. He has only met these junior ministers and given his proposal. Whether these proposals would work or not is left to be seen.
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