Fuel import handed over to IOC; $500 Mn. loan from India

Negotiations with the Indian government to secure a $500 million loan to cover the dollar deficit have reportedly been successful.

Accordingly, a government representative is scheduled to visit India next week to take further action in this regard.

Meanwhile, it is reported that the Indian Oil Corporation (IOC) is also considering increasing its contribution in purchasing fuels including petrol and diesel.

It is said that this will solve the dollar problem that has arisen in purchasing essential commodities including fuel which is required for the country as per the current discussions and agreements with India.

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