Sri Lankan President seeks US$ 1.1 billion special SWAP facility from Indian PM

Sri Lankan President Gotabaya Rajapaksa has requested Indian Prime Minister Narendra Modi to provide US$ 1.1 billion special SWAP facility in addition to the US$ 400 million facility under SAARC to boost the country’s depleting foreign exchange reserves in the wake of the coronavirus pandemic

May 24, 2020
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Sri Lankan President Gotabaya Rajapaksa has requested Indian Prime Minister Narendra Modi to provide US$ 1.1 billion special SWAP facility in addition to the US$ 400 million facility under SAARC to boost the country’s depleting foreign exchange reserves in the wake of the coronavirus pandemic.

“If the Government of India could provide USD 1.1 billion special SWAP facility to top up USD 400 million under SAARC Facility, it would enormously help Sri Lanka in dealing with our foreign exchange issues,” the President

President Rajapaksa made this request during a telephone conversation with Indian Prime Minister Modi, the President’s Media Division said.

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

He suggested to President to appoint an official to work directly on this regard with the Colombo based Indian High Commissioner.

According to the PMD, President Gotabaya Rajapaksa held a very constructive and cordial dialog over the telephone with the Indian Prime Minister Narendra Modi.

During the conversation, they have agreed to further strengthen all aspects of the bilateral relations in the face of the COVID-19 crisis.

President Rajapaksa has appreciated the opportunity to discuss matters of mutual interest with the Indian Premier and thanked him for the support extended by India to help Sri Lanka face these difficult times. India’s gift of 10 tonnes of medical supplies proved to be very useful, said the President in appreciation.

“I believe India has managed the COVID-19 pandemic well,” noted President. “I must commend Your Excellency’s efforts, particularly the economic stimulus package you have introduced to help the disadvantaged groups.”

Responding, PM Modi noted that even though it is not easy to manage a population of more than 1.3 billion, about 75 percent of the spread of the virus has been contained.

The Indian Premier commended President Rajapaksa as a leader with a clear vision with the ability to take tough and quick decisions. “According to the information I have received, Sri Lanka has managed the crisis successfully,” further commented PM Modi. That credit belongs to President Rajapaksa, continued the Indian Premier.

President Rajapaksa sought the intervention of PM Modi to revive some of the key projects as Sri Lanka strives to restore the economy. He asked PM Modi to “direct those responsible from India’s side to expedite construction of the East Terminal of the Colombo Port as early as possible as it will be a significant boost to our economic landscape.”

“I am trying to promote value added industrial and agricultural activities,” explained President, “and will be happy if you could encourage Indian investors to start such investments, including Indian companies already in Sri Lanka to increase domestic value addition in the context of COVID-19 economic priorities.”

The two leaders agreed to continue with the ongoing bilateral projects that brings direct benefits to people and prioritize food and health securities.

 http://www.colombopage.com/archive_20A/May24_1590293893CH.php

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