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."




Comments

Post a Comment

Popular posts from this blog

Russia Mutiny: What Is The Wagner Group And Why They Have Rebelled Against Russian Army | Explained

Image
The Wagner chief's Yevgeny Prigozhin Yevgeny Prigozhin Has announcement came as one of the biggest challenges for Russian President Vladimir Putin since the start of the Ukraine-Russia war last year  Russia  :   Russia and Ukraine, the head of the Wagner mercenary group, Yevgeny Prigozhin, vowed to topple the Russian military leadership, whom he accused of launching strikes on its people and said that he would 'destroy everything that stands in our way'. The Wagner chief's announcement came as one of the biggest challenges for Russian President Vladimir Putin since the start of the Ukraine-Russia war last year. Following his announcement, Russian authorities have tightened security measures in several parts of the country Moscow's mayor on Saturday said that 'anti-terror' measures were being taken in the Russian capital. Prigozhin has escalated months of harsh criticism of Russia's conduct of the war after calling for an armed uprising to oust the defenc...
Read more

Russia's missile attack on Zelenskyy’s hometown kills one policeman, injures 52 others in central Ukraine

Image
The missile strikes were among multiple Russian attacks across Ukraine overnight. The strikes come days after 16 people were killed in an attack on a market in eastern Ukraine and drone debris was found in Romania. Emergency services personnel work to extinguish fire following Russian attack in Kryvyi Rih Russia-Ukraine war:    On Friday, September 8, a Russian missile attack on the hometown of Ukrainian President Volodymyr Zelenskyy resulted in the death of one police officer and at least 52 injuries, according to officials. Three people were killed in a second attack in the southern Kherson region. The missile attacks were just one of many that Russia allegedly launched against Ukraine overnight. Local elections in the places it has invaded as well as others that it does not control are another way Moscow is aiming to boost its political influence.In a statement, the foreign ministry of Ukraine announced that it did not recognise the "fake elections." The missile strikes co...
Read more

NIA attaches property of Arif Shaikh, key accused in 2022 D-company case

Image
NIA seizes Arif Shaikh's property, a crucial defendant in the 2022 D-company case.             Underworld don Dawood Ibrahim is a UN-designated global terrorist A residential home belonging to one of the main defendants in a case involving the fugitive gangster Dawood Ibrahim and terrorism funding has been impounded by the NationalInvestigation Agency (NIA).Arif Abubakar Shaikh, also known as Arif Bhaijaan, was charged with funding terrorism together with Dawood Ibrahim Kaskar and a few of his close associates, including Chhota Shakeel. He was detained last year. The residential property of Arif Shaikh, which is located in Maharashtra's Thane district, has been attached, according to the NIA, in accordance with section 25(1) of the Unlawful Activities (Prevention) Act 1967. In addition to Dawood Ibrahim and Chota Shakeel, the NIA has already filed a chargesheet under the pertinent UAPA and IPC sections against Arif Abubakar Shaikh, his brother Shabbir Abuba...
Read more