GR asks Modi for USD 1.1 billion as special swap facility

President Gotabaya Rajapaksa has asked Indian Prime Minister Narendra Modi for USD 1.1 billion as a special swap facility to help Sri Lanka deal with foreign exchange issues.

The President’s Office said that during a telephone discussion between Rajapaksa and Modi today the Sri Lankan President requested the Government of India to provide USD 1.1 billion as a special swap facility to top up USD 400 million under the SAARC facility, saying it would enormously help Sri Lanka in dealing with its foreign exchange issues.

In turn, the Indian Premier has assured that he is personally committed to help Sri Lanka. “We are ready to help under terms that are favorable to Sri Lanka.”

He suggested that Sri Lanka appoint an official to work directly in this regard with the Colombo based Indian High Commissioner.

India has had a Framework on Currency Swap Arrangement for SAARC Member countries since 2012.

The facility is available to all SAARC member countries with a floor of USD 100 million and ceiling of USD 400 million within overall limit of USD 2 billion. (Colombo Gazette)