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Sri Lanka and India agreed to a four-pillar initiative to boost the Lankan economy that includes the following:

  • Credit lines for food, medicines and fuel purchases granted by India
  • Currency swap agreement to deal with Sri lanka’s balance of payment issues
  • Early modernization project of the Trinco oil farms that India has been pursuing for several years
  • Sri Lankan commitment to facilitate Indian investments in various sectors

This comes after a two-day visit by Sri Lankan Finance Minister Basil Rajapaksa to New Delhi. The Sri Lankan High Commission said, “It was agreed that modalities to realise these objectives would be finalised early, within a mutually agreed timeline”. However India’s Ministry of Economic Affairs and the Finance Ministry did not issue any statements on the outcome of the meetings.

Sri Lanka’s dollar bonds inched higher on Monday with its 7.55% 2030s up 1 point to 54 cents on the dollar.

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