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Lankan President asks India for US$ 1.1 billion as SWAP facility to tide over foreign exchange issues

The Sri Lankan President Gotabaya Rajapaksa has requested Indian Prime Minister Narendra Modi to allocate US$ 1.1 special SWAP facility to top up the US$ 400 milliion under SAARC facility to help Sri Lanka to sort out its foreign exchange issues.

In a conversation with the Indian leader on the COVID-19 situation on Saturday, the Lankan President said: ” 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 further said: “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.”

President Rajapaksa sought the intervention of Prime Minister Modi to revive some of the key projects as Sri Lanka strives to restore the economy. He asked 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.”

In turn, the Indian Premier 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 to the President to appoint an official to work directly on this regard with the Colombo based Indian High Commissioner.

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

President speaking from the Presidential Secretariat, 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.

Modi Praises Gotabaya

Praising the Lankan President praised the way Modi is tackling COVID-19 crisis and his economic package.

“I believe India has managed the COVID-19 pandemic well,” the President noted. “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.

Author: TELO Admin