Sri Lanka Not Averse To Using Indian Rupee As Common Currency: President

Sri Lankan President Ranil Wickremesinghe, also the Sri Lanka's finance minister, made this remark while addressing the Indian CEO Forum this week

   Sri Lanka would want to see Indian Rupee used as much as USD, President Ranil Wickremesinghe said

Colombo:   Days before his first official visit to New Delhi, President Ranil Wickremesinghe stated that Sri Lanka would like to see the Indian Rupee utilized on par with the US dollar.

This comment was made by President Wickremesinghe, who is also Sri Lanka's finance minister, this week when speaking at the Indian CEO Forum.


"Just as East Asia, including countries like Japan, Korea, and China, witnessed significant growth 75 years ago, it is now India's turn, along with the Indian Ocean region," said President 

Wickremesinghe. Wickremesinghe is anticipated to make his first trip to New Delhi next week since taking office a year ago, during unprecedented economic and political turmoil in the island nation.

In his remarks, Forum Chair TS Prakash called for greater use of the Indian rupee in the Sri Lankan economy. President Wickremesinghe responded to that proposal.

"Whether India (the Indian rupee) becomes a common currency makes no difference to us.We'll have to decide how to approach it.President Wickremesinghe stated that we must widen our horizons.

The world is changing, and India is developing quickly, especially under Prime Minister Modi's leadership, he continued.

The Daily Mirror newspaper reported him as adding that Sri Lanka benefits from its proximity to India as well as from its rich history, cultural heritage, and 2,500-year-old trading connections.

President Wickremesinghe says he led the island nation out of its economic catastrophe and that, despite its slow pace, the economy is rebounding.
 
"Once debt restructuring is complete, our attention will turn to a comprehensive growth program. This requires a significant revamp of our legal system, economic structure, and other mechanisms to put us on the same trajectory as India," he remarked.

The 74-year-old politician from Sri Lanka was chosen by the legislature to complete the remainder of the deposed president Gotabaya Rajapaksa's tenure.

Analysts highlighted that the history of relations between Sri Lanka and India suggests that Ranil Wickremesinghe's journey to Delhi taking a year to happen was exceptional.

India has provided a financial lifeline to the Rajapaksa administration in its final hours with a 4 billion dollar aid package.

Sri Lanka used the Indian credit lines to buy petrol and necessities while the nation was experiencing a severe currency crisis that resulted in protracted street demonstrations.

The Indian government and the Indian business community, according to Gopal Bagle, the High Commissioner of India in Sri Lanka, who was present at the July 13 event, had assisted the island nation in recovering from the previous year's financial crisis.

According to a remark from Mr. Bagle in the Sri Lankan media, "Even during the initial crisis, Indian businessmen started doing business in Sri Lanka to demonstrate to the rest of the world that the country's financial status is stable."




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