Under the Memorandum of Understanding between Iran and Sri Lanka, Sri Lanka commenced the repayment of its USD 250.9 million fuel debt to Iran through tea exports.
"As per the agreement, Sri Lanka aims to settle this debt through tea exports. To date, Sri Lanka has repaid USD 55 million of this debt," Sri Lanka Tea Board Chairman, Niraj De Mel said.
"In the first four months of 2024, Sri Lanka exported 4.1 million kilograms of processed tea to Iran, marking a threefold increase compared to the amount exported during the same period in 2023."
Tea exports from Sri Lanka surged from USD 407.6 million in April 2023 to USD 450.5 million in April 2024.