What is happening to Sri Lanka’s SWAP with India?

What is happening to Sri Lanka’s SWAP with India?

What is happening to Sri Lanka’s SWAP with India?

Written by Staff Writer

11 Jan, 2022 | 6:56 pm

COLOMBO (News 1st); Recent reports showed that Sri Lanka is holding talks with India for a 1.5 billion US dollar SWAP agreement.

But the SWAP facility has not been officially announced by India.

Recently, Sri Lanka had signed an agreement with the Indian Oil Corporation to develop the Trincomalee Oil Tank Farm as a joint venture.

Cabinet approval had been granted recently to import 500 buses and 750 jeeps under a line of credit.

Indian High Commissioner to Sri Lanka Gopal Bagley has paid a visit to New Delhi.

Finance minister Basil Rajapaksa was scheduled to visit India this week.

But the visit was canceled considering the COVID-19 situation in India.

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