Sri Lanka signs $400 MN currency swap with India to meet financial needs amid COVID

As COVID-19 pandemic has hit ecomies across world, island nation of Sri Lanka on Friday signed a USD 400 million currency swap agreement with India's Reserve Bank of India (RBI) to meet short-term international liquidity requirements due to COVID-19 consequential ecomic crisis.

This comes after India and Sri Lanka held  technical discussion on July 22 about rescheduling of bilateral debt repayment.  High Commission of India in Colombo, Sri Lanka said an agreement h been reached after debt repayment rescheduling discussions held on Wednesday.

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High Commission said that development comes as a relief for Sri Lanka which can help it in post COVID recovery.  High Commission ded that it is ar example of India's strong commitment to work with Sri Lanka in post-COVID-19 ecomic recovery.

Indian delegation comprised of senior officials from Ministry of External Affairs, Ministry of Finance, and EXIM Bank which interacted with representatives from Department of External Resources of Sri Lanka through a video conference, as stated by ANI.

Earlier, Prime Minister Narendra Modi h a telephonic conversation with Sri Lankan President Gotabaya Rajapaksa on May 23 and Prime Minister Mahinda Rajapaksa on May 27 to discuss impact of COVID-19 pandemic on lives of people and ecomy. PM Modi h n assured Sri Lankan President and Prime Minister that India would continue to support Sri Lanka to mitigate effects of pandemic.

Besides, Indian High Commissioner Gopal Baglay on May 29 me a courtesy call on President Gotabaya and two agreed to accelerate India's participation in Sri Lanka's post-COVID ecomic recovery.

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