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Sri Lanka banking on India’s $1 bn swap deal

Date: 01 July 2021 Tags: India & World
  • Sri Lanka is banking on a $1 billion currency swap from India to meet its debt repayment obligations this year and tide over the current economic crisis.
  • The island nation has already serviced part of its debt this year, and is preparing to repay the remaining more than $3 billion over the next six months.
  • Sri Lankan President Gotabaya Rajapaksa had in May 2020 asked Prime Minister Narendra Modi for a “special” $1.1-billion currency swap to help the country boost its foreign reserves.