State Minister Semasinghe explains measures taken to shore up country’s foreign reserves

By Saman Indrajith

Samurdhi, Household Economy, Micro Finance, Self-Employment and Business Development State Minister Shehan Semasinghe told Parliament yesterday that the country’s net foreign assets were worth USD 1.507 Bn as at November, this year.

The state minister said so while making a ministerial statement on behalf of the Ministry of Finance in response to a question raised by JVP leader Anura Kumara Dissanayake on a previous date.

State Minister Semasinghe said that the government had taken the necessary measures to increase its reserves.

The state minister detailed the measures taken by the government through the following: 1. USD 1 Bn SWAP facility with the Central Bank of Qatar, 2. USD 400 Mn SWAP facility with the Reserve Bank of India (SAARC), 3. USD 300 Mn loan from the Consolidated Loan Facility.

“We have made the necessary arrangements to obtain 500 million USD through currency swaps with the partnership of various global commercial banks,” he said.

The state minister said Finance Minister Basil Rajapaksa during his visit to India reached an agreement for fuel purchases, while the government also had reached agreements for the purchasing of essential goods and medicines.

Sri Lanka aimed for a US$ 12 Bn export revenue by the end of 2021, he said, adding that remittance would also boost the reserves.