India's cabinet this week approved another 700 million US dollar currency swap to Sri Lanka's Central Bank, reported Ceylon Today.
India's Reserve Bank had previously provided a 400 million dollar swap. The current arrangement will last for 3 months or until an agreement is reached with the International Monetary Fund (IMF).
See more here.
The decision comes as the IMF teamed up with India to produce a new partnership aimed at keeping South Asian economies stable.
Speaking at the 'Advancing Asia' conference in New Delhi this weekend, the Indian prime minister Narendra Modi, said, "I am happy to announce a new partnership with Bangladesh, Bhutan, Maldives, Nepal, Sri Lanka, India and the IMF."
"The [IMF] has built up an immense stock of economic expertise," he explained.
"All its members should take advantage of this. All of us need to pursue policies that provide a stable macro economy, enhance growth and further inclusion."
"The Fund can be of great assistance in this. Apart from advice, the IMF can help in building capacity for policy making."
Also addressing the conference, which was co-hosted by the IMF and the Indian government, the IMF's managing director, Christine Lagarde said,
"This will be the first center that fully integrates training and technical assistance and is a model for our future capacity development work".
See more here.
India's Reserve Bank had previously provided a 400 million dollar swap. The current arrangement will last for 3 months or until an agreement is reached with the International Monetary Fund (IMF).
See more here.
The decision comes as the IMF teamed up with India to produce a new partnership aimed at keeping South Asian economies stable.
Speaking at the 'Advancing Asia' conference in New Delhi this weekend, the Indian prime minister Narendra Modi, said, "I am happy to announce a new partnership with Bangladesh, Bhutan, Maldives, Nepal, Sri Lanka, India and the IMF."
"The [IMF] has built up an immense stock of economic expertise," he explained.
"All its members should take advantage of this. All of us need to pursue policies that provide a stable macro economy, enhance growth and further inclusion."
"The Fund can be of great assistance in this. Apart from advice, the IMF can help in building capacity for policy making."
Also addressing the conference, which was co-hosted by the IMF and the Indian government, the IMF's managing director, Christine Lagarde said,
"This will be the first center that fully integrates training and technical assistance and is a model for our future capacity development work".
See more here.