Home/Borrowing/Loans/SL-EXT-2022-006

2022ID: SL-EXT-2022-006 (IN-SBI-LOC-2022-01)

Government of India / SBI Emergency Petroleum Facility ($500M)

ඉන්දීය රජයේ හදිසි ඉන්ධන ණය පහසුකම (ඩොලර් මිලියන 500)

RESTRUCTURED

Official Agreement: Credit Agreement between Government of Sri Lanka and State Bank of India / Exim Bank of India for Petroleum Procurement

Original Principal$500 MUSD 500,000,000

Current Outstanding$450 MRs. 135,900 M

Principal Repaid$50 MInterest Paid: $32.8M

Interest Rate4.1%FLOATING (SOFR 6M + 160 bps margin (Reprofiled under OCC restructuring framework))

Why Was This Loan Taken? Officially Stated Purpose

Emergency financing for supply of refined diesel, petrol, and jet fuel shipments during catastrophic forex depletion crisis.

විදේශ විනිමය අර්බුදය හමුවේ ඩීසල්, පෙට්‍රල් සහ ගුවන්යානා ඉන්ධන අඛණ්ඩව ආනයනය කිරීම සඳහා වූ හදිසි ණය පහසුකම.

Responsible MinistryMinistry of Power & Energy / Ministry of Finance

Implementing AgencyCeylon Petroleum Corporation (CPC)

Project Site / ScopeNational Fuel Supply

Full Contractual Terms & Financing Conditions

CreditorGovernment of India / State Bank of India / Exim BankIndia

Borrower EntityGovernment of Sri Lanka / Ceylon Petroleum Corporation (CPC)CENTRAL_GOVERNMENT

Signing Date2022-02-02Effective: 2022-02-15

Final Maturity2032-12-31Original: 2023-02-02

Interest Rate4.1% (FLOATING)SOFR 6-Month

Grace Period3 YearsPrincipal moratorium

Repayment FrequencySEMI_ANNUALEQUAL PRINCIPAL

Commitment Fee0.25%On undisbursed balance

CONTRACTUAL TIMELINE

Loan Duration & Repayment Schedule Architecture

Total Tenure: 10 Years

Agreement Signing2022-02-02Year: 2022

Grace Period Moratorium3 YearsInterest only (No principal due)

Principal Repayment Starts2025-06-30Frequency: SEMI_ANNUAL

Final Maturity2032-12-312315 Days Remaining

Amortization Method: EQUAL PRINCIPAL

Repayment Window: 7 Years

2024 Sovereign Debt Restructuring Treatment

OFFICIAL_CREDITOR_MOU

Original Contract Terms (Pre-Restructuring)

Short-term 1-year trade credit facility maturing 2023.

Original Maturity: 2023-02-02

Post-Restructuring Terms (2024 Agreement)

Rolled into Official Creditor Committee (OCC) long-term bilateral restructuring with repayment extended through 2032.

New Maturity: 2032-12-31

Treatment: MATURITY_EXTENSION (0% Haircut)

Government in Office & Political Context When Signed

President / Head of StateGotabaya Rajapaksaගෝඨාභය රාජපක්ෂ

Prime MinisterMahinda Rajapaksaමහින්ද රාජපක්ෂ

Finance MinisterBasil Rajapaksaබැසිල් රාජපක්ෂ

Constitutional Record: This loan was executed under the official mandate of the Gotabaya Rajapaksa Administration. The sovereign obligor is the Democratic Socialist Republic of Sri Lanka.

Auditor General Official Record

Auditor General Performance Audit on Emergency Petroleum Procurement Under Indian Credit Line (2023)

Demurrage charges incurred at Colombo port due to customs clearance delays totaled $14.2 Million.

Financial Impact Noted: Rs. 4,540 Million

Status: UNDER_REVIEW

Cabinet & Parliament Approvals

Cabinet Paper: CP/22/0198/06 (2022-01-25)

Approved urgent signing of $500M credit line with Government of India for petroleum imports.

Parliamentary Hansard / Act: Ministerial Statement on Emergency Indian Bilateral Credit Facilities

Approved under Appropriation Act limits

Payment-level contract amortization schedule not publicly disclosed by creditor.

Aggregate annual repayments and outstanding balances are reported under CBSL Public Debt Bulletin.

Verified Document Library & Primary Sources

Tier: PRIMARY_OFFICIAL

Central Bank of Sri Lanka Annual Report 2025 (Public Debt Operations)Central Bank of Sri Lanka (CBSL) | Published: 2026-04-30

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Ministry of Finance & Planning - Public Debt Management Bulletin (Q4 2025)Department of Public Debt, Ministry of Finance | Published: 2026-02-15

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Official Creditor Committee (OCC) Memorandum of Understanding on Debt RestructuringOfficial Creditor Committee (Co-chaired by Japan, India & France) | Published: 2024-06-26

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