London: External affairs Minister (EAM), S. Jaishankar spoke about the current situation in Sri Lanka and said that the Narendra Modi-led Indian government helped its neighbouring country Sri Lanka to emerge from a tough and crippling economic crisis which had hit the Asian country in 2022 that triggered a political crisis as well.
He delivered these remarks at the Chatham House, a London-based think-tank on Wednesday and said that India provided a financial package of more than $4 billion to help Sri Lanka overcome the economic crisis which had crippled it in 2022
Speaking on how India has traditionally always helped neighbouring country Sri Lanka, EAM Jaishankar said, “…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, which was almost twice the size of the IMF package… But, while we are a larger economy and by and large we are generous and non reciprocal we have interests like any nation. So we also expect our neighbors to recognize that and to cater to our sensitivities as well. So, I’m not saying that every you know, it has to be an equal give and take, but there are gives and takes, and I think, just like we have a responsibility to our neighbours, I think our neighbours also have a responsibility to us.”
The EAM is the first foreign dignitary to visit Sri Lanka since the National People’s Power (NPP) government led by Anura Kumara Dissanayake came to power on September 23 last year.
He reiterated India’s steadfast support for Sri Lanka’s economic rebuilding efforts, emphasising that India’s Neighbourhood First Policy and Sagar outlook will continue to guide the progress of bilateral ties.
Sri Lanka, a key maritime neighbour of India in the Indian Ocean Region (IOR), holds a special place in India’s initiatives like ‘SAGAR’ (Security and Growth for All in the Region) and the ‘Neighbourhood First Policy.’
In April 2022, the island nation declared its first sovereign default since gaining independence from Britain in 1948, following an unprecedented financial crisis that led to civil unrest and the resignation of then President Gotabaya Rajapaksa in 2022.
India had extended assistance of nearly $4 billion to help Sri Lanka recover from the severe economic crisis after it announced a default on over $51 billion in foreign loans. Prior to his departure, the Ministry of External Affairs in New Delhi stated that the visit underscores the shared commitment of both countries to further deepen their long-standing partnership for mutual benefit, in line with India’s Neighbourhood First Policy and SAGAR outlook.
Earlier on December 16, 2024, EAM Jaishankar met Sri Lankan President Anura Kumara Dissanayake, who was on a three-day state visit to New Delhi, and highlighted the “island nation’s prominent role in India’s Neighbourhood First policy and SAGAR Outlook”.
He further affirmed confidence that President Dissanayake’s talks with Prime Minister Modi led to greater cooperation between New Delhi and Colombo.
Earlier in October, EAM Jaishankar called on Sri Lankan President Anura Kumara Dissanayake in Colombo. The two leaders discussed ways to deepen cooperation and strengthen bilateral ties to benefit the people of India and Sri Lanka.
(IANS)
