File photo of PM Narendra Modi with Sri lankan PM Mahinda Rajapaksa.

File photograph of PM Narendra Modi with Sri lankan PM Mahinda Rajapaksa.

Sri Lanka owes about $960 million to India and earlier this 12 months India agreed to a $400 million foreign money swap facility for Sri Lanka till November 2022.

  • Reuters
  • Final Up to date: September 26, 2020, four:07 PM IST

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Sri Lankan Prime Minister Mahinda Rajapaksa sought a further foreign money swap facility and deferment of debt funds from India throughout an internet bilateral summit with Prime Minister Narendra Modi on Saturday, Indian officers stated.

Sri Lanka owes about $960 million to India and earlier this 12 months India agreed to a $400 million foreign money swap facility for Sri Lanka till November 2022.


“A further request for a bilateral foreign money swap association price round $1 billion by the Sri Lankan aspect stays underneath dialogue,” stated the Indian overseas ministry in a press release.

Modi advised his Sri Lankan counterpart that underneath the nation’s “Neighbourhood First” coverage, India will proceed to “give particular precedence to relations between the 2 international locations”, stated the officers.

Sri Lanka, positioned off the southern tip of India, has grow to be an enviornment of competing affect between India and China, which has constructed ports, energy stations and highways as a part of President Xi Jinping’s signature “Belt and Highway Initiative”, designed to spice up commerce and transport hyperlinks throughout Asia.

However the phrases of a few of these tasks have drawn home criticism in Sri Lanka and opened the best way for international locations equivalent to India, america and Japan to rebuild ties within the Indian Ocean nation that lies close to key transport lanes.

Rajapaksa, who received a common election final 12 months after promising to drag the nation out of its deepest financial hunch, has to service mounting exterior debt amidst the coronavirus pandemic.

He advised Modi that the Sri Lankan authorities’s insurance policies will facilitate deeper financial and strategic cooperation between the 2 international locations.




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