Published 12:01 IST, July 27th 2020
Swamy lauds Modi govt's decision to swap currency with SL, says 'It's the way to go'
Subramanian Swamy on July 27 praised the Modi govt over its decision to sign a $400 million currency swap agreement with Sri Lanka and assist in a critical time
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Senior BJP leader Subramanian Swamy on July 27, congratulated PM Modi for his government's decision to swap currency with Sri Lanka at a time of critical need. He suggested that India's help would remove Sri Lanka from a tight spot and all of Sri Lanka will thank PM for it.
On Friday, July 24, Sri Lanka signed a $400 million currency swap agreement with India's Reserve Bank of India (RBI) in order to meet their short-term international liquidity requirements amid the looming COVID crisis.
I am impressed with the Modi Government decision to swap currency to the extent of $ 400 millions with Sri Lanka. I had brought to the notice of PM that SL has legacy issue of financial debt and needs India to help out. Whole of SL now says to PM: Dhanyavad! This the way to go.
— Subramanian Swamy (@Swamy39) July 27, 2020
The RBI's move follows a series of technical discussions that happened on July 22 about drafting a rescheduled plan for bilateral debt repayments. The Indian High Commission in Sri Lanka's capital Colombo has stated that they reached an agreement with the Ceylon neighbour and that the currency swap will act as a relief measure for Sri Lanka during its COVID recovery days.
The High Commission in its statement after the discussion explained that this gesture is an example of India's strong commitment to maintaining mutually respectable relations with Sri Lanka and asserted that India and Sri Lanka will work closely in the post-COVID-19 economic recovery period.
Rajya Sabha MP Subramanian Swamy noted that the idea to help Sri Lanka in its time of critical need was his suggestion, stating that he had brought to the notice of PM Modi about the 'legacy issue' of Sri Lanka's financial debt and that India needs to help its neighbour at this juncture.
He further added that India's timely help will be greatly received by the people of Sri Lanka and everyone from across the border will now say 'Dhanyavad!'
According to news agency ANI, The Indian delegation that took part in the discussion comprised of senior officials from the Ministry of External Affairs (MEA) and the EXIM Bank which interacted with representatives from the Department of External Resources of Sri Lanka via a video link.
Earlier, PM Modi engaged in a telephonic conversation with Sri Lankan President Gotabaya Rajapaksa and his counterpart PM Mahinda Rajapaksa on May 23 and May 27 respectively to discuss and assess the impact of COVID-19 on the lives of people and the country's economy. PM Modi assured the Sri Lankan President and Rajapakse that India will offer all necessary support to mitigate the effects of the pandemic and that both countries will continue to work towards the betterment of each other as well as the region.
Had an excellent talk with President @GotabayaR. Sri Lanka is fighting COVID-19 effectively under his leadership. India will continue to support our close maritime neighbour in dealing with the pandemic and its economic impact.
— Narendra Modi (@narendramodi) May 23, 2020
12:01 IST, July 27th 2020