Sri Lanka has decided to enter into an agreement with the Reserve Bank of India (RBI) for a Bilateral Currency Swap Arrangement worth US$ 400 million, Co-Cabinet spokesman Information and Communication Minister Dr Bandula Gunawardena said

The Cabinet has approved a proposal made by Prime Minister Mahinda Rajapaksa to enter into an agreement with the RBI for the financing facility to meet short-term international liquidity requirements, Minister Gunawardena said.

Addressing the media at the Government Information Department on Friday, Minister Gunawardena said the cabinet meeting chaired by President Gotabaya Rajapaksa paid special attention to the control of the Coronavirus pandemic, its success and the distribution of goods and relief to the people.

The Minister pointed out that the whole world is now experiencing the economic collapse since World War II, from the COVID-19 outbreak and a single country alone cannot find a solution to the crisis.

So the Cabinet of Ministers has approved this proposal in order to ensure the financial stability of the country, the Minister said.

Courtesy: Colombo Page