Dollars: India announces support package for SL

January 13, 2022 at 3:42 PM

India has extended more than US$ 900 million in forex support to Sri Lanka over the last week, the Indian High Commission in Sri Lanka announced today.

The High Commission said that the financial assistance includes a US$ 400 million currency swap to the country. 

It also includes another US$ 500 million that was scheduled to be paid under the Asian Clearing Union settlement framework that has been deferred by India, it added. 

The Indian High Commission in Sri Lanka further said that its High Commissioner met the Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal in this regard. 

Expressing India’s strong support to Sri Lanka during the meeting, the High Commissioner had also noted that these steps are in line with India’s strong commitment to stand with Sri Lanka for economic recovery and growth.

The financial assistance from India comes at a time when Sri Lanka is facing a severe economic crisis with its official reserves depleting.

India is among several other countries Sri Lanka has reached out to address the current economic crisis. (NewsWire)