EAM S. Jaishankar addressed the economic crisis in Sri Lanka, highlighting India’s aid of over $4 billion aimed at recovery. He noted the historical context of India’s support and outlined the mutual responsibilities of neighbouring countries. Jaishankar’s visit marks commitment to deepen bilateral ties guided by India’s Neighbourhood First Policy and SAGAR outlook.
On March 6, External Affairs Minister S. Jaishankar addressed the ongoing economic challenges faced by Sri Lanka at the Chatham House in London. He outlined India’s significant financial assistance exceeding $4 billion to support Sri Lanka in overcoming the severe economic crisis that unfolded in 2022, which also precipitated a political turmoil in the country.
Highlighting India’s longstanding commitment to helping its neighbour, Jaishankar emphasized that, “When Sri Lanka had a very serious financial crisis while the rest of the world largely sat on its hands, we actually came forward with a package of more than $4 billion,” underscoring the proactive stance taken by India compared to global inaction. He further noted the expectations of reciprocal responsibilities, asserting that while India is generous, it also has its own national interests to consider.
As the first foreign representative to visit Sri Lanka following the ascension of Anura Kumara Dissanayake’s National People’s Power government, Jaishankar reaffirmed India’s support for Sri Lanka’s efforts in economic reconstruction guided by India’s Neighbourhood First Policy and SAGAR outlook. He acknowledged Sri Lanka’s strategic importance in the Indian Ocean Region, reinforcing the significance of their bilateral relations.
In April 2022, marked by its first sovereign default since independence in 1948, Sri Lanka’s financial crisis led to significant civil disturbances and the ousting of President Gotabaya Rajapaksa. India’s financial assistance, amounting to nearly $4 billion, was vital in aiding Sri Lanka’s recovery amidst a declared default on over $51 billion of foreign loans.
Jaishankar’s visit reflects the mutual intentions of both nations to enhance their partnership, aligning with the principles outlined in India’s Neighbourhood First Policy and SAGAR outlook. Previous meetings between Jaishankar and President Dissanayake highlighted the commitment towards deepening cooperation, ensuring the benefits extend to both populations.
In conclusion, External Affairs Minister S. Jaishankar emphasized India’s commitment to supporting Sri Lanka during its economic hardships, providing substantial financial aid. The discussions further reinforced the importance of reciprocal responsibilities in international relations. The ongoing partnership aims to strengthen bilateral ties, reflecting India’s strategic interests within the Indian Ocean Region, aligning with its established policies for regional cooperation.
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