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of <h1>India Extends $31M Credit to Sri Lanka for Wheat Imports; Contracts Must Conclude by December 31, 2003.</h1> The Government of India has extended a US$ 31 million credit line to the Government of Sri Lanka under an agreement dated July 3, 2002. This credit is designated for importing up to 300,000 tonnes of wheat or other mutually agreed items from India. The agreement stipulates that contracts require approval from both governments and must be finalized by December 31, 2003, with full credit drawn by December 31, 2004. Transactions will occur through letters of credit managed by Sri Lankan banks and the State Bank of India. The circular is issued under the Foreign Exchange Management Act, 1999.
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