Sri Lanka PM thanks India for support during 'difficult period'
What's the story
Sri Lankan Prime Minister (PM) Ranil Wickremesinghe on Friday thanked India and Japan for the move to set up a foreign aid consortium. The PM said that he spoke to Finance Minister Nirmala Sitharaman and "expressed his country's appreciation for the support India extended during this difficult period." "I look forward to further strengthening ties between our nations," he added.
Context
Why does this story matter?
During the last week's Quad leaders' summit, a proposal was made for the members, United States, India, Japan, and Australia, to set up a foreign aid consortium to assist crisis-hit Sri Lanka. Notably, India and Japan will lead in this effort. Since January, India has committed over $3 billion to the debt-ridden neighbor, which has been witnessing its worst economic crisis since its independence.
Details
Looking to fast-track talks with IMF: Wickremesinghe
In a series of tweets, Wickremesinghe said the country is looking to fast-track talks with the International Monetary Fund and finalize an arrangement by mid-June to "find concrete solutions to problems we're facing." "I virtually connected with the IMF team, where we discussed an economic program that could be supported by an IMF lending arrangement," he added.
Lankan PM
'Sri Lanka is focusing on agriculture, private, and banking sector'
PM Wickremesinghe said his government is focusing on steps for the agriculture, private, and banking sectors. He said he has been meeting with key stakeholders of these sectors and discussing steps to bring the country out of the ongoing crisis. He added the country is working toward taking "correct" policy decisions amid a "small window" to reduce the impact of the economic crisis.
Sitharaman
Sitharaman discusses possibilities to increase Indian aid to Lanka
Meanwhile, Sitharaman met Sri Lankan High Commissioner to India Milinda Moragoda on Friday to discuss the possibility of increasing aid for the country. "The minister and the high commissioner explored the possibility of increasing and restructuring the assistance provided by India in the form of credits for essential commodities and fuel as well as balance of payment support," the Sri Lankan high commission said.
Development
Wickremesinghe replaced Mahinda Rajapaksa as PM
Wickremesinghe, a seasoned leader, took charge as Sri Lanka PM for the sixth time, replacing Mahinda Rajapaksa earlier this month. Mahinda had to step down amid violent protests against the Rajapaksa family over the country's economic crisis. Notably, the Rajapaksa family was blamed for plunging the country into the current situation. However, his brother Gotabaya Rajapaksa is still the country's president.