India helped Sri Lanka more than 3 billion Sri Lankan rupees

India helped Sri Lanka more than 3 billion Sri Lankan rupees

The Sri Lankan government has approved the utilisation of $7 million out of the $1 billion line of credit extended by India for essential food item imports. Indian food worth $180 million is going to be imported. A day earlier, India gave Sri Lanka 3 billion Sri Lankan rupees. One human consignment has been sent.

A high-level US delegation will arrive here on Sunday to go to Sri Lanka. This delegation from the US Treasury and State Department will visit Sri Lanka from 26 to 29 June to discuss with the top leadership how to help it solve the current economic crisis.

It will include Robert Kaproth, Deputy Assistant Secretary of the Treasury for Asia, and Ambassador Kelly Keiderling, Deputy Assistant Secretary of State for South and Central Asia.

The government of Sri Lanka, which is facing a financial crisis and a deep crisis of exchange, has taken an enormous step. The caretaker government of the country has reduced the limit on holding exchanges for the people. An individual can now hold only a maximum of $10,000 in foreign currency. Earlier, this limit was up to $15,000.

The exchange treasury of the Sri Lankan government is completely empty. The country has no money left to shop for oil and essential goods. In such a situation, this limit has been implemented with the aim of maintaining the necessary foreign exchange reserves.

In this order issued by PM Ranil Wickremesinghe, who also holds the responsibility of the Finance Ministry, it's been said that with the intention of attracting foreign exchange in the formal banking system, the exchange holding limit under the Foreign Exchange Act is being reduced. A grace period of 14 working days has been given with effect from June 16, 2022, for depositing additional exchange or selling it to an authorized dealer.

India helped Sri Lanka more than 3 billion Sri Lankan rupees