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India to give US$700mn swap to Sri Lanka until IMF deal Empty

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India to give US$700mn swap to Sri Lanka until IMF deal Empty

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India to give US$700mn swap to Sri Lanka until IMF deal Empty

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India to give US$700mn swap to Sri Lanka until IMF deal

Rana

Rana: Top contributor; Posts : 1786
Join date : 2015-12-16

Post n°1

India to give US$700mn swap to Sri Lanka until IMF deal

by Rana Fri Mar 11, 2016 7:19 pm

ECONOMYNEXT - India will give a 700 million US dollar swap to Sri Lanka to help boost forex reserves until an International Monetary Fund policy package stabilizes the economy, an Indian government statement said.

India's cabinet of ministers had given the nod for a 'special currency swap' of 700 million dollars to Sri Lanka.

The 700 million dollar swap line will be available for Sri Lanka for three months or "till the time Sri Lanka avails the IMF facility whichever is earlier."

An existing 1.1 billion US dollars swap which was to expire on March 03 had been extended to March 08, 2016 for which covering approval had been given by the cabinet, the statement said.

Sri Lanka was earlier expecting the entire swap to be rolled over for a year. (Colombo/Mar11/2016)