India Generosity: Neighboring country said, now our ‘whole debt will be paid’

Sri Lanka

India Generosity: Neighboring country said, now our ‘whole debt will be paid’

Sri Lanka Prime Minister Ranil Vikram Sanghay said on Thursday. Currency exchange with the Reserve Bank of India will help to increase the country’s falling foreign exchange reserves. Vikramsinghe told Parliament, “The RBI has agreed to pay $40 million to our central bank under the SAARC currency exchange program. They (RBI) are considering giving even more money. “Sri Lanka’s central bank said on Wednesday that the Reserve Bank has agreed to give it $400 million. It will be under the SAARC currency swap arrangement.

Apart from this, the Reserve Bank is also considering a billion dollar system. Vikram singhe said that his country is going to pay the biggest loan till January 14 this year. This payment will be $ 260 million. He said, “In the year 2019 only we have to pay $ 590 million on installments and interest on foreign debt.

“He said that the political crisis that lasted nearly two months has had a bad effect on Sri Lanka’s economy. Vikramsinghe said, “During our 51 days our Rupee (Sri Lankan) fell 3.80 percent.

When all the other currencies were getting stronger, our currency was falling.

The capital was getting clear from our country. “He said that during this period the country’s foreign exchange reserves had fallen from $799.1 million to $698.5 million. Due to the political crisis, credit rating agencies Fitch Ratings, Standard & Poor’s and Moody’s reduced the autonomous rating of Sri Lanka.

Vikramsinghe said that the Sri Lankan government is in the process of raising $1.90 billion. It is to increase foreign exchange reserves. Maitripala S Sena removed the post of Prime Minister Vikram Singh on October 26 in a dramatic development due to differences in policy issues and placed Mahinda Rajapakse on the Prime Minister’s chair. During this two months of political upheaval, there was no working government in the country. In the end, after the Supreme Court’s decision, Sreesena had to appoint Vikram Singh as the Prime Minister again.

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