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Sri Lanka seeks USD 1.1 billion currency swap facility from India amidst depleting forex reserves


Date: 25-05-2020
Subject: Sri Lanka seeks USD 1.1 billion currency swap facility from India amidst depleting forex reserves
COLOMBO: Sri Lankan President Gotabaya Rajapaksa has requested India to provide a special USD 1.1 billion currency swap facility to boost the country's draining foreign exchange reserves in view of the economic slowdown due to the coronavirus pandemic.

Rajapaksa's office said that the new request is in addition to the USD 400 million amount Sri Lanka has 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 conversation with Prime Minister Narendra Modi on Saturday, it said.

Modi discussed the situation arising out of the COVID-19 crisis with Rajapaksa and said that India will continue to support “our close maritime neighbour” in dealing with the pandemic and its economic impact.

The two leaders agreed to accelerate Indian-assisted development projects in the country and also strengthen investment links.

Rajapaksa's office said: “If the government of India could provide USD 1.1 billion special SWAP facility to top up USD 400 million under the SAARC facility, it would enormously help Sri Lanka in dealing with our foreign exchange issues”.

Source:- economictimes.indiatimes.com

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