India affirms support to SriLanka in economic crisis, puts neighbourhood first

The Minister of External Affairs, S Jaishankar, visited the Sri Lankan Capital Colombo on Thursday, January 20, 2023. He interacted with the political leaders of Sri Lanka to reiterate the Indian Government’s commitment to putting the Neighbourhood first.

The high commissioner of India to Sri Lanka, Gopal Baglay, believes that Indian EAM’s visit sent out a clear message regarding India’s support to its neighbouring country.

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Sri Lanka is struggling with a severe economic crisis. In light of this, the leadership has already approached the International Monetary Fund (IMF) for a bailout Package. However, for that to happen, IMF asked all the major creditors of Sri Lanka to give them financing assurances.

Notably, India became the major creditor of Sri Lanka to extend the gesture. On January 16, India handed over their confidence letter to the IMF. China and Japan are other major creditors who need to provide IMF financing assurance. Financing assurance is essential for Colombo to get the Bailout Package from IMF.

China also announced that it would provide International Monetary Fund with a letter of assurance. According to media sources, China delivered the letter on Saturday, January 21, 2022, days after India.

India stated in their letter that this gesture from the Indian Government is following their Neighbourhood first policy. Further, Dr Jaishankar’s visit to Colombo follows the Neighbourhood first policy. The diplomatic visit sent out the message that India stands with the people of Sri Lanka.

In line with this, India’s External Affairs Minister, Dr Jaishankar, assured the leadership of Sri Lanka of their continued support. He also pledged that they would go the extra mile to support Sri Lanka if the need arose. He made this committed his interaction with Sri Lanka’s President Ranil Wickremesinghe and other leaders.

Meanwhile, India’s high commissioner to Sri Lanka informed StrataNewsGlobal that India is willing to facilitate investments in the various areas of Sri Lanka. These sectors include ports and shipping, renewable energy, manufacturing in pharma and automobiles, agriculture and dairy.

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