Sri Lanka lauds India for aiding in 'regaining stability'
What's the story
The foreign minister of Sri Lanka, Ali Sabry, said that the financial aid of approximately $4 billion it received from India helped the country import essential goods and regain stability during its absolute economic crisis. Sabry's comments came during Union external affairs minister S Jaishankar's two-day visit to Sri Lanka. The island nation has always been one of India's close allies and neighbors.
Context
Why does this story matter?
To assist Sri Lanka in overcoming its fuel crisis, India signed an agreement in February 2022 to supply petroleum products from the Indian Oil Company worth $500 million via a credit line. This deal was further expanded in April 2022 by an additional $200 million worth of petroleum products. A meeting between Lankan Prime Minister Dinesh Gunawardena and Jaishankar also took place.
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I convey our profound gratitude to PM Modi: Sabry
Jaishankar met with Sabry and discussed bilateral relationships between the two countries, investment and trade ties, and also people-to-people contacts. "No exaggeration to say that due to enormous support from India amounting to $4 billion worth of credit line for import of essentials, we were able to regain some measure of financial stability. I convey our profound gratitude to PM Modi," Sabry said.
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Conveyed commitment to increase investment flows to Sri Lanka: Jaishankar
Taking to Twitter, the Indian external minister wrote: "A good meeting with Foreign Minister Ali Sabry and other ministerial colleagues this evening in Colombo. Discussed India-Sri Lanka cooperation in infrastructure, connectivity, energy, industry and health." "Conveyed our commitment to increase investment flows to Sri Lanka to hasten its economic recovery," he further said on Wednesday.
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Jaishankar's tweet
Conveyed our commitment to increase investment flows to Sri Lanka to hasten its
— Dr. S. Jaishankar (@DrSJaishankar) January 19, 2023
economic recovery.
Look forward to my discussions with the leadership tomorrow morning.@alisabrypc, @DeSiripala, @banduladr, @kehelia_r, @kanchana_wij, @amanugama_dilum, @tharakabalasur1
IMF
India is first to officially back Sri Lanka's restructuring program
Union finance ministry additional secretary Rajat Kumar Mishra on Tuesday informed the president of the International Monetary Fund's (IMF) Kristalina Georgieva regarding India's aid to Sri Lanka. Speaking on this, Sabry said: "Once again, India has extended its hand in support of Sri Lanka. It is the first country to officially back our debt restructuring program by conveying financial assurances to the IMF."
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Jaishnkar's meeting with Prime Minister of Sri Lanka
On Friday, Jaishankar met with Sri Lankan Prime Minister Dinesh Gunawardena in Colombo and discussed bilateral cooperation between the two nations. The Indian MEA also joined Lankan President Ranil Wickremasinghe in inaugurating projects emphasizing India's abiding friendship with the people of Sri Lanka. "There was also an understanding of increasing India's involvement in social development projects with high success," Jaishankar tweeted.
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Jaishankar's post after meeting Gunawardena
Pleased to meet Prime Minister Dinesh Gunawardena in Colombo today.
— Dr. S. Jaishankar (@DrSJaishankar) January 20, 2023
Discussed our bilateral cooperation including in transport and education. Also exchanged views on intensifying people to people relations. pic.twitter.com/vrnfmnQgnW