China expands global role through energy and crises - IN DETAILS
Sri Lanka President Anura Kumara Dissanayake has expressed gratitude to India, China, and Russia for their support in helping the country meet its fuel and energy needs amid ongoing economic pressures.
Speaking in parliament, the president said that during talks with Indian Prime Minister Narendra Modi, India agreed to supply fuel to Sri Lanka as part of efforts to stabilize energy access, News.Az reports, citing Daily News.
He also confirmed that both China and Russia have indicated readiness to assist with fuel supplies, including diesel and petrol, as the country manages rising energy demands.
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The president noted that the Chinese government has shown willingness to provide fuel support, with diplomatic channels actively engaged to facilitate deliveries. He also said Russia has agreed to support Sri Lanka’s fuel requirements following recent high-level discussions involving energy and foreign affairs officials.
He further mentioned that the United States has allowed Sri Lanka to continue fuel-related transactions with Russia until April 11, though it remains uncertain whether this waiver will be extended.
Alongside energy updates, President Dissanayake announced a relief package worth 100 billion rupees for a three-month period, aimed at easing the impact of global and regional energy disruptions.
He also said discussions with the International Monetary Fund (IMF) have been positive, with expectations of a staff-level agreement that could unlock around USD 700 million in funding by the end of May through combined disbursements.
Additional support is expected from the Asian Development Bank and the World Bank, which have indicated willingness to extend further financial assistance.
The president also outlined plans to revise the country’s fuel pricing formula. He said that without subsidies, diesel prices could exceed 600 rupees per litre, prompting the government to introduce targeted support.
The proposed plan includes:
- Up to 100 rupees per litre diesel subsidy
- Up to 20 rupees per litre petrol subsidy
- Additional support for fishing communities
- Direct cash-based fuel relief for eligible boat owners
- Estimated monthly subsidy cost: 20 billion rupees
He added that electricity subsidies for low-usage households and other targeted relief measures are also being considered to reduce the burden on vulnerable groups.
The government, he said, aims to balance fiscal stability with social protection as Sri Lanka continues to navigate its economic recovery.
By Aysel Mammadzada
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