Discussion on with Sri Lanka concerning debt repayment moratorium: MEA

Jul 09, 2020

National
Discussion on with Sri Lanka concerning debt repayment moratorium: MEA

New Delhi [India], July 9 (ANI): India on Thursday said that discussion with Sri Lanka on the debt repayment postponement sought by it is progressing and technical level discussions were underway.
"The technical discussions regarding the matter are underway," External Affairs Ministry spokesperson Anurag Srivastava said at the regular media briefing.
He was responding to questions on moratorium on loan repayments sought by Sri Lanka.
Colombo has sought a moratorium on all loan repayments from India due to the situation created by COVID-19. It owes India $960 million of which payment of $2.9 billion is scheduled this year.
Colombo had also requested Reserve Bank of India to provide it with a $400 million currency swap to boost its foreign reserves.
With its economy badly hit by COVID-19 and a drastic fall in its foreign exchange reserves due to loss of exports and tourism, Sri Lanka had urged the international monetary organisations to provide debt relief for developing countries. (ANI)