Efforts to facilitate Indo-Lanka rupee trade underway

The Sri Lankan High Commission in New Delhi yesterday (14) said that regulations needed to facilitate the rupee trade between the two countries were formulated.

High Commissioner Milinda Moragoda has thanked India, and Finance and Corporate Affairs Minister Nirmala Sitharama for the assistance provided to Sri Lanka in the present economic recovery phase, in particular for the necessary regulations and approvals that were being set in place to facilitate the Rupee trade between the two countries. This was taken up at a meeting held in New Delhi where they focused on the ways and means of utilising the available resources in the one billion USD Indian line of credit to import urgently required essential pharmaceuticals, which are in short supply in Sri Lanka.

It was the latest of a series of meetings he has had with her since November 2021.

The meeting between the Finance Minister of India and the High Commissioner of Sri Lanka took place, just ahead of the first meeting of the G20 Finance Ministers, scheduled to be held, from 24 to 25 February, 2023 in Bengaluru, chaired by Minister Sitharaman.

During the discussion, High Commissioner Moragoda, once again, thanked Minister Sitharaman for the unprecedented emergency assistance that India has extended to Sri Lanka and for the timely issuance of India’s financial assurances to the International Monetary Fund, concerning the country’s debt restructuring process.

High Commissioner Moragoda briefed Minister Sitharaman on Sri Lanka’s ongoing discussions with the International Monetary Fund to obtain the Extended Fund Facility and the present status of the country’s debt restructuring process. While appraising the Minister of the drastic impact the present economic contraction is having on the population of Sri Lanka, High Commissioner Moragoda expressed his appreciation to Minister Sitharaman for her efforts in garnering international support for Sri Lanka’s case, including at the G20 forum.