UPI in Sri Lanka soon, talks on economic pact in progress: FM Sitharaman

New Delhi: Finance minister Nirmala Sitharaman on Thursday said India and Sri Lanka have made good progress in negotiations on the proposed Economic and Technology Cooperation Agreement, and the Unified Payments Interface (UPI) payment system will soon be launched in the island nation.

Speaking at an event to commemorate the 200th anniversary of the arrival of Indian-origin Tamils in Sri Lanka, Sitharaman said both nations are further "deepening our civilisation ties" with connectivity as the new focus area. "As we enhance connectivity between our two countries, we build enduring bridges of experiences and opportunities for our peoples. We weave a future with shared prosperity, overcoming the challenges of the past," said the minister, who is on a visit to Sri Lanka.

As a true friend, she said, India continues to work closely with Sri Lanka on its path to economic recovery. India rendered financial assistance of over $4 billion for Sri Lanka. "We were the first bilateral creditor to convey financing assurance to the IMF, which paved the way for others to provide similar assurances that formalised the IMF programme for Sri Lanka," she said.