EAM S. Jaishankar emphasized India’s commitment to aiding Sri Lanka amid its economic crisis, providing over $4 billion in assistance. He articulated the mutual responsibilities between the two countries and affirmed the importance of bilateral ties in line with India’s Neighbourhood First Policy and SAGAR outlook. His recent visit marks a significant step in deepening cooperation with the new Sri Lankan government.
On March 6, 2023, External Affairs Minister S. Jaishankar addressed the ongoing situation in Sri Lanka at Chatham House in London. He highlighted India’s role in assisting Sri Lanka during its economic crisis, stating that the Indian government under Prime Minister Narendra Modi provided over $4 billion to help the nation recover from the financial struggles that began in 2022, which also led to a political crisis.
Minister Jaishankar remarked on India’s commitment to its neighbor, noting, “When Sri Lanka had a very serious financial crisis while the rest of the world largely sat on its hands, we came forward with a package of more than $4 billion, which was almost twice the size of the IMF package.” He underscored that while India extends generous support, there are mutual responsibilities for both countries in recognizing concerns and sensitivities.
During his visit to Sri Lanka, Jaishankar emphasized India’s unwavering support for the nation’s economic revival, asserting that the Neighbourhood First Policy and SAGAR (Security and Growth for All in the Region) will shape the ongoing cooperation between the two nations. He lauded Sri Lanka’s significance in India’s regional strategy, particularly following the island’s declaration of its first sovereign default in April 2022, resulting from a grave financial crisis.
India’s assistance came after Sri Lanka defaulted on more than $51 billion in foreign loans. Jaishankar’s visit highlights the commitment of both countries to enhance their longstanding partnership aimed at mutual benefit. He had previously engaged with Sri Lankan leaders, including President Anura Kumara Dissanayake, to discuss strengthening bilateral ties.
Jaishankar’s interactions reflect the shared vision of cooperation between New Delhi and Colombo, promoting greater collaboration to ultimately benefit the citizens of both nations.
In conclusion, External Affairs Minister S. Jaishankar’s remarks underscore India’s significant role in supporting Sri Lanka during its economic turmoil, coupled with the expectation of mutual recognition of responsibilities. As India continues to uphold its Neighbourhood First Policy and SAGAR outlook, the partnership between the two countries is poised for further development, aiming to enhance economic collaboration and strengthen bilateral relations for the benefit of both nations.
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