Sri Lanka gets urgent $500m Indian loan to pay for oil

COLOMBO: Sri Lanka was handed temporary relief from energy shortages and rolling blackouts on Wednesday with a $500 million loan from India to finance urgent oil purchases for the cash-strapped nation.

The island’s economic woes have left thermal power generators unable to keep the lights on and disrupted transport networks, as traders run desperately low on foreign currency to fund imports. Frequent breakdowns at a huge coal power plant have compounded unannounced electricity cuts and households are also struggling to source cooking gas and kerosene.