Wednesday May 22, 2019

Sri Lanka PM educates Weerawansa on currency swaps

Jan 10, 2019 13:46 PM GMT+0530 | 4 Comment(s)

ECONOMYNEXT - Sri Lanka did not mortgage ports and airports to India to get a 400 million dollar currency swap from the Reserve Bank of India, Prime Minister Ranil Wickremesinghe told an ally of opposition leader Mahinda Rajapaksa.

Wimal Weerawansa, a Rajapaksa ally questioned whether the China Bay in Trincomalee, Kankasanthurai Port in Jaffna, Mattala Airport and the East Terminal in Colombo Port has been mortgaged to India to for central bank to get a 400 million dollar currency swap from India.

"The currency swap is given under a SAARC (South Asia Association for Regional Corporation) facility," Prime Minister Wickremesighe said.

"It was also there during your time. A currency swap agreement does not involve mortgaging assets.

"You are asking these questions because you are jealous that we got 400 million dollars."

Wickremesinghe said during the 51 days that Mahinda Rajapaksa was appointed as Prime Minister, Sri Lanka lost a billion US dollars in forex reserves, the rupee fell and the country was hit by a credit downgrade.

Sri Lanka has earlier announced plans to get an India firm to invest in a consortium in the East Container Terminal in Colombo Port but President Maithripala Sirisena had reportedly objected to it.

Wickremesinghe was also keen to get Japan and India to be involved in developing Trincomalee port as part of efforts to jump start maritime activity in the Bay of Bengal. (Colombo/Jan08/2018)




  1. Nimal January 11, 06:21 AM

    Chinthaka, what informal understanding?
    As the article says there is formal understanding that Sri Lanka wants to bring Indian investment into Trinco, East Terminal and Mattala.
    When bids were called for East Terminal it was made compulsory to have an Indian partner. It is Indian transshipment that drives Colombo port.

    This is a publicly declared deliberate strategy to balance geo-political interests.It is not a secret. How can people fall for conspiracy theories?

  2. Siva January 11, 03:04 AM

    How could the moron/10th grade dropout understand the economy of the country?Further he needs to hold onto a ministerial positionfor the perks that come with it.
    His pseudo patriotism like that of his mentor/leader.

  3. Bob January 10, 09:33 AM

    ChinthakaAre you trying to attribute words and phrases to Wimal's mouth? The news piece is very clear the query by Wimal, as reported in the news, is very clear There was no reference to any informal understanding Perhaps it is your own figment of imagination Imbecility?

  4. Chinthaka January 10, 08:49 AM

    Wimal's question was whether there is a informal understanding with India to give them Lankan assets in return for currency swap. PM has avoided the actual question and your paper too try to do that.Shameful.

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