Sri Lanka reserves at US$ 1.5 Bn - State Minister

COLOMBO (News 1st); Sri Lanka's net foreign assets worth are UD$ 1.507 Bn as of November 2021, declared Sri Lankan State Minister Shehan Semasinghe in Parliament on Thursday (9), while adding that the government has taken the necessary measures to increase its reserves.

The state minister detailed the measures taken by the government in the following:

1. US$ 1 Bn SWAP facility with the Central Bank of Qatar

2. US$ 400 Mn SWAP facility with the Reserve Bank of India (SAARC)

3. US$ 300 Mn loan from the Consolidated Loan Facility

"We have made the necessary arrangements to obtain 500 million US Dollars through currency swaps with the partnership of various global commercial banks," he told the Parliament.

The State Minister said Finance Minister Basil Rajapaksa during his visit to India reached an agreement for fuel purchases, while the government also has reached agreements for the purchasing of essential goods and medicines.

Sri Lanka aims for a US$ 12 Bn export revenue by the end of 2021, he said noting that remittance will also add a boost to the reserves.