Sri Lanka not averse to using Indian rupee as common currency: President Wickremesinghe
Sri Lanka you want to see Indian rupees President Ranil Wickremesinghe said he used as much US dollars days before his first official visit to New Delhi.
Wickremesinghe, the finance minister of the cash-strapped country, made the remark while addressing the Indian CEO Forum here this week.
“Just as East Asia, including countries like Japan, Korea and China, experienced significant growth 75 years ago, now it is India’s turn, along with the Indian Ocean region,” said Wickremesinghe.
Wickremesinghe is expected to visit New Delhi next week, his first since becoming president a year ago Unprecedented economic and political turmoil in the island country.
Wickremesinghe’s comments were in response to the forum’s chairperson, TS Prakash, who in his speech called for promoting the use of the Indian rupee in the Sri Lankan economy.
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“It will make no difference to us if India (the Indian rupee) becomes a common currency. We will have to figure out how to do that. We must become more open to the outside world,” Wickremesinghe said.
comprehensive growth
He added, “The world is developing and India is undergoing rapid development, especially under the leadership of Prime Minister Modi.”
The Daily Mirror newspaper quoted him as saying that Sri Lanka benefits from its proximity to India as well as its rich history, cultural heritage and long trade relations that extend over 2,500 years.
Wickremesinghe led the island nation out of the economic crisis and said the economy was recovering although slowly.
“Once we finish Debt restructuring Our focus will shift towards a comprehensive growth agenda. This entails an overhaul of our economy, our legal framework and our systems that align our path with that of India.
The 74-year-old Sri Lankan politician was elected through Parliament to fill the remainder of the term of ousted President Gotabaya Rajapaksa.
Relations between India and Sri Lanka
Relationship between Sri Lanka and India Analysts noted that history indicated that it was unusual for Wickremesinghe’s tour to Delhi to last a year.
India had thrown a lifeline into the final days of Rajapaksa’s presidency with a $4 billion economic aid package.
Sri Lanka used India’s lines of credit to import necessities and fuel as the country was experiencing a shortage of foreign currency which led to massive street protests.
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Meanwhile, India’s High Commissioner to Sri Lanka Gopal Bagley who was at the July 13 event said the Indian government and business community helped the island country recover from last year’s financial crisis.
“Even during the initial crisis, Indian businessmen started doing business in Sri Lanka to prove to the rest of the world that the country’s financial situation is stable,” Bagley was quoted by Sri Lankan media as saying.