India in talks to reschedule SL debt repayments, RBI agrees on USD 400mn currency swap – Lanka Business Online

Jul 25, 2020 (LBO) – Reserve Financial institution of India (RBI) has signed the doc for USD 400 million forex swap facility to Sri Lanka until November 2022.

Excessive Fee of India in Colombo stated this growth is one other instance of India’s sturdy dedication to work with Sri Lanka in post-COVID19 financial restoration.

In the meantime, on 22 July 2020, India and Sri Lanka held a technical dialogue on the rescheduling of bilateral debt reimbursement by Sri Lanka.

The Indian delegation comprising of senior officers from the Ministry of Exterior Affairs, Ministry of Finance, and the EXIM Financial institution interacted with representatives from the Division of Exterior Assets of Sri Lanka by means of a video convention.

The following spherical of technical discussions between the 2 sides on the rescheduling of debt reimbursement is predicted to be held quickly.

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Dialogue on Rescheduling Bilateral Debt Reimbursement

On 22 July 2020, India and Sri Lanka held a technical dialogue on rescheduling of bilateral debt reimbursement by Sri Lanka. The Indian delegation comprising of senior officers from the Ministry of Exterior Affairs, Ministry of Finance, and the EXIM Financial institution interacted with representatives from the Division of Exterior Assets of Sri Lanka by means of a Video Convention. The constructive dialogue between each side happened in a cordial and constructive environment.

2.​It could be recalled that each side had mentioned the continuing COVID-19 pandemic and its possible well being and financial impacts within the area throughout Prime Minister, Shri Narendra Modi’s phone conversations with the President of Sri Lanka, H.E. Gotabaya Rajapaksa on 23 Might 2020 and the Prime Minister of Sri Lanka, H.E. Mahinda Rajapaksa on 27 Might 2020. Throughout these conversations, Prime Minister, Shri Narendra Modi had assured that India would proceed to offer all attainable help to Sri Lanka for mitigating the results of the pandemic.

3.​In the course of the courtesy name on the President of Sri Lanka, H.E. Gotabaya Rajapaksa by the Excessive Commissioner of India, H.E. Gopal Baglay on 29 Might 2020, it was agreed to speed up India’s participation in Sri Lanka’s put up COVID financial restoration. Excessive Commissioner Gopal Baglay additionally reiterated India’s dedication to deepening its partnership with Sri Lanka for peace, prosperity and safety of the 2 peoples throughout his dialog with the President of Sri Lanka.

4.​Constructing on the mutual priorities recognized through the phone conversations between the leaders of India and Sri Lanka in Might 2020 and Excessive Commissioner’s courtesy name on the President of Sri Lanka, the Excessive Fee of India engaged with the Authorities of Sri Lanka to facilitate the initiation of discussions between the 2 sides on this matter. The following spherical of technical discussions between the 2 sides on rescheduling of debt reimbursement is predicted to be held quickly.

5.​The Excessive Fee of India will proceed to work in direction of coordinating and facilitating such engagement as part of India’s general dedication to work with Sri Lanka to counter and mitigate the results of the COVID-19 pandemic.

Excessive Fee of India
Colombo

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