New Delhi: The corona epidemic has caused huge damage in every part of the world, while India's neighbour Sri Lanka is facing a serious economic threat. Meanwhile, India has announced a $900 million loan as assistance to it. Sri Lanka's chief economist and former Deputy Governor of the Sri Lankan Central Bank WA Vijawardene has praised India's assistance and said india's financial assistance has saved Sri Lanka's sinking naya for now. He also warned President Gotabaya Rajapaksa about the economic situation in Sri Lanka.
On Saturday, economist Vijvardhane warned the President that Sri Lanka, which is facing a shortage of foreign exchange, will need to borrow from the International Monetary Fund immediately. Sri Lanka's foreign exchange reserves are almost exhausted and all essential commodities are running short. Inflation in the country is at its peak. To deal with the same situation, India on Thursday announced a $900 million loan to Sri Lanka.
The same High Commissioner to Sri Lanka Gopal Baglay met Central Bank Governor Ajit Niward Kabral and discussed financial support for him. A tweet from the Indian High Commission also said, 'The financial assistance includes the cancellation of the Asian Clearing Union Agreement and a currency swap of $400 million.' He's getting praise everywhere.
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