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Sri Lanka seeks $400 million debt from RBI to meet short term financial needs

The Edge Media by The Edge Media
5 years ago
in Business Edge, Main Story, World Edge
Reading Time: 1 min read
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Amidst the struggles caused due to coronavirus, Sri Lanka is preparing to get in an agreement with the Reserve Bank of India for a currency swap worth of USD 400 million to boost the foreign reserves. this measure will be taken to ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, as per a top minister.

Their Cabinet has approved the proposal made by Prime Minister Mahinda Rajapaksa and will be entering into an agreement with the RBI for the financing facility to meet short-term international liquidity requirements, Co-Cabinet spokesman Information and Communication Minister Bandula Gunawardena said.

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