Sri Lanka wants to pay off its debts to Iran

The heavily indebted country of Sri Lanka wants to pay for oil imports from Iran with tea. From July onwards, claims totaling about $230 million will be settled through tea deliveries per month, ISNA news agency reported Friday evening.

The deal was agreed two years ago, and concerns oil deliveries from 2012. The southern Indian island nation of about 22 million people has major financial concerns. The country slid into its worst economic crisis in decades last year.

Meanwhile, Sri Lanka agreed to a loan program with the International Monetary Fund of about three billion dollars. The crisis continues.

Tea is the favorite drink of millions of Iranians. Exporting tea is one of the most important sources of income for Sri Lanka.

Iran’s energy sector is under international sanctions over its controversial nuclear programme. Despite the punitive measures, the Islamic Republic continued to expand its oil production in 2022, according to a report by the International Energy Organization. Crude oil production averaged 2.5 million barrels per day last year, but less than it was before the sanctions began. The most important customer is China. (sda/dpa)

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