Sri Lanka willing to enhance bilateral trade with India in INR
Sri Lanka's High Commissioner Milinda Moragoda met India's Finance Minister Nirmala Sitharaman during which he discussed steps to attract Indian investments to his country
Shipping containers at the main port of Colombo, Sri Lanka. Reuters.
New Delhi: Sri Lanka will soon settle cross-border trade with India in Indian rupee. The island nation feels that trading in INR will also help increase the inflow of Indian tourist.
Sri Lanka’s High Commissioner Milinda Moragoda met India’s Finance Minister Nirmala Sitharaman during which he discussed steps to attract Indian investments to his country.
Moragoda and Sitharaman also talked about the way forward in bilateral economic cooperation.
Related Articles
Sri Lanka to settle trade in Indian rupee
During the meeting, Moragoda proposed enhancing bilateral trade particularly through settlement in India rupees and increasing the flow of Indian tourists to Sri Lanka, the Sri Lankan high commission said in a statement.
The finance minister and the high commissioner agreed that these measures would help in recovery of Sri Lanka’s economy.
Also Read: Rupee marches on: Sri Lanka’s Seylan Bank opens INR-denominated Nostro account in Indian Bank
The meeting comes following the $3 billion International Monetary Fund’s (IMF) approval to a bailout package for Sri Lanka.
Sri Lanka thanks India
Moragoda thanked Prime Minister Narendra Modi-led Indian government for its role in the realisation of IMF’s Extended Fund Facility (EFF) arrangement for Sri Lanka.
For the unversed, India was among the first bilateral creditors to Sri Lanka, extending support for the bailout.
The EEF arrangement that has been approved by on Monday will enable Sri Lanka to access financing of up to $7 billion from IMF, international financial institutions and multilateral organisations.
Don’t Miss: ‘Progressive’: Sri Lanka’s $3 billion loan agreement will protect the poorest, says IMF
The meeting between Moragoda and Sitharaman on Tuesday was the latest in a series since November 2021 that focused on Indian economic cooperation and assistance to Sri Lanka in the context to the ongoing economic crisis.
Last year, India provided aid worth nearly $4 billion, including lines of credit to help its neighbour, Sri Lanka, purchase food, fuel and medicines and deferred payment of loans.
Read This: Sri Lanka bailout linked to tackling corruption, spells out IMF
The Sri Lanka’s High Commissioner also thanked Sitharaman for her personal involvement in taking up Colombo’s case with bilateral development partners and multilateral financial agencies, including the IMF.
Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
also read
IMF approves $3.5 billion loan agreement for cash-strapped Ivory Coast
The move will help the country tackle the "triple shocks" of the Covid-19 pandemic, global monetary tightening, and Russia's invasion of Ukraine, according to the statement from the IMF.
Pakistan Economic Crisis: IMF hoping for board meeting on Pakistan before current program expires
Cash-strapped Pakistan's economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet.
Matheesha Pathirana's heroics with CSK in IPL 2023 leads to place in Sri Lanka squad for Afghanistan ODIs
Pathirana was a key player in the Chennai Super Kings (CSK) team that won the IPL final in Ahmedabad on Monday for a record-equalling fifth time.