‘Magic’ formula to meet fuel bill

The Bank of Ceylon (BOC) is looking at aggressively mobilising offshore banking to help pay for the huge oil bill in the country. Its newly appointed chairman, Gamini Wickramasinghe said he had taken it as a personal challenge to help the Treasury in this task. “The oil bill is massive.

The Ceylon Petroleum Corporation (CPC) needs US$ 2.1 billion to pay this bill. Through the streamlining that the BOC has done during the last month we have already raised about 15 percent of this bill,” he told The Sunday Times FT, adding that “I am here to make magic (from difficult scenarios).”