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COLOMBO: Sri Lankan President Gotabaya Rajapaksa has actually asked for India to provide an unique USD 1.1 billion currency swap facility to enhance the nation’s draining forex reserves in view of the economic downturn due to the coronavirus pandemic
Rajapaksa’s workplace stated that the brand-new request remains in addition to the USD 400 million quantity Sri Lanka has actually sought from the Indian government under the South Asian Association for Regional Cooperation ( SAARC) framework.
The Sri Lankan President made the request during his telephonic discussion with Prime Minister Narendra Modi on Saturday, it said.
Modi went over the scenario developing out of the COVID-19 crisis with Rajapaksa and stated that India will continue to support “our close maritime neighbour” in handling the pandemic and its economic impact.
The 2 leaders agreed to speed up Indian-assisted advancement tasks in the nation and likewise reinforce financial investment links.
Rajapaksa’s office stated: “If the government of India might offer USD 1.1 billion unique SWAP center to top up USD 400 million under the SAARC center, it would immensely help Sri Lanka in handling our Forex (Click Here For Best Forex Techniques) issues”.
Sri Lanka had formerly asked India for a 400 million dollar Forex (Click Here For Best Forex Techniques) swap under the SAARC plans.
Rajapaksa also asked the prime minister to speed up financial investments in Colombo port’s east terminal.
According to the Sri Lankan president’s office, Rajapaksa asked Modi to “direct those responsible from India’s side to speed up building and construction of the east terminal of the Colombo port as soon as possible”.
Facing problems in its foreign exchange throughout the coronavirus pandemic, Sri Lanka has actually taken drastic measures to keep its foreign reserves and currency stability.
Import restrictions revealed are implied to stop the flow of foreign reserves.
The Opposition has actually implicated the government of printing money to produce liquidity in markets.
The fatal coronavirus has actually declared nine lives and contaminated 1,068 people in the nation.
India has actually sent four consignments of vital life-saving medicines and medical supplies weighing over 25 tonnes to Sri Lanka in the last few weeks as a goodwill gesture.
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