India confirms financial assistance to Sri Lanka

India today confirmed financial assistance to the tune of USD 900 million to Sri Lanka.

The Indian High Commissioner to Sri Lanka Gopal Baglay met Central Bank Governor Ajith Nivard Cabraal today.

The High Commissioner expressed India’s strong support to Sri Lanka in the wake of the Reserve Bank of India extending over USD 900 mn facilities to Sri Lanka over the last week.

“These comprise deferment of Asian Clearing Union settlement of over USD 500 mn and currency swap of USD 400 mn,” the Indian High Commission in Sri Lanka tweeted.

The High Commissioner noted that these steps are in line with India’s strong commitment to stand with Sri Lanka for economic recovery and growth.

Earlier, China had assured Sri Lanka continued economic assistance, hours after Central Bank Governor Ajith Nivard Cabraal said that Sri Lanka is negotiating another loan from China.

The Governor had also said that Sri Lanka is negotiating a USD 1 billion facility with India to import goods from India.

Cabraal said that this will also help Sri Lanka in its debt repayment and promote more trade with the respective countries. (Colombo Gazette)

1 COMMENT

  1. Covid-19 will not disappear soon. Developing countries will be in serious trouble. In the near future India will be in the same situation as Sri Lanka. South Asian corrupt politicians have no idea what is coming :—)))

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