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* India assures assistance and their expertise to enable Sri Lanka to become economically powerful
Mon, Mar 14, 2016, 07:25 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 14, Colombo: Sri Lanka's Minister of Finance Ravi Karunanayake and President of India, Pranab Mukherjee held a special meeting on Saturday (12) at the Rashtrapati Bhavan in New Delhi and discussed the Economic affairs of the both countries.

At their discussion attention has been focused on several fields relevant to bilateral relations between the two countries.

President Mukherjee said that India is pleased with the current situation prevailing in Sri Lanka and he is hoping to make a visit to the country in the near future.

The Indian President further agreed to provide assistance and share their experience with Sri Lanka to enable the island nation to be an economically powerful country in the region and stressed the importance of success of both countries to each other.

The Indian government Friday approved a US$ 700 million currency swap of dollars for Sri Lankan rupees until the island nation receives an International Monetary Fund loan. The Indian cabinet approved the swap for three months or "till the time Sri Lanka avails the IMF facility, whichever is earlier".

"Approval of this proposal shall help Sri Lanka in strengthening its economic stability and official reserves which have witnessed downward trend in 2015 owing to the adverse impact of the expected interest rate hikes in the United States. This will further foster India's bilateral relations and economic ties with Sri Lanka, which is India's important partner in SAARC and South Asia," the Indian Cabinet said.

The meeting between the Sri Lankan Minister and the Indian President was held while the Minister was in India to participate the conference, Advancing Asia: investing for the Future started on 11th March 2016.

More than 400 participants including Finance Ministers of Asia Pacific Region, Central Bank Governors, Economists and civil society representatives participated in the conference. The conference, jointly organized by the government of India and the International Monetary Fund, concluded Sunday (13th).

 


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