External Affairs Minister S. Jaishankar emphasized India’s financial support of over $4 billion to Sri Lanka during its economic crisis, asserting the need for mutual responsibilities between neighboring countries. His recent remarks at Chatham House in London outlined India’s commitment to strengthening bilateral relations in the context of India’s Neighbourhood First Policy and SAGAR initiative.
External Affairs Minister S. Jaishankar recently addressed the economic crisis in Sri Lanka, emphasizing India’s supportive role during this challenging period. Speaking at Chatham House in London, he announced that the Indian government, under Prime Minister Narendra Modi, has extended over $4 billion in financial assistance to aid Sri Lanka, which has faced severe economic difficulties since 2022.
Jaishankar characterized India’s assistance as a critical lifeline during a time when global intervention was lacking, noting that India’s contribution nearly doubled that of the International Monetary Fund (IMF). He illustrated that while India is committed to providing support, it also expects neighboring countries to acknowledge its interests and sensitivities within cooperative frameworks.
As the first foreign dignitary to visit Sri Lanka following the election of the National People’s Power (NPP) government, Jaishankar reiterated India’s dedication to bolstering Sri Lanka’s economic recovery. He pointed out that India’s policies, including the Neighbourhood First Policy and the SAGAR initiative, serve as guiding principles for enhancing bilateral relations.
In April 2022, Sri Lanka experienced its first sovereign default since its independence in 1948, leading to political upheaval. India responded with financial assistance, following the island nation’s announcement of defaults on over $51 billion in foreign loans. This collaboration underscores the commitment to strengthen ties for mutual progress.
In previous meetings, including one with President Anura Kumara Dissanayake in New Delhi, Jaishankar emphasized the importance of Sri Lanka in India’s regional policies. Discussions focused on advancing cooperation to benefit both nations, confirming an ongoing commitment to mutual assistance in navigating the current economic landscape.
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In conclusion, External Affairs Minister S. Jaishankar’s remarks highlight India’s substantial financial assistance to Sri Lanka during its economic crisis, demonstrating a commitment to regional cooperation and support. India’s policies emphasize mutual responsibilities and sensitivities in neighborly relations, aiming for sustained bilateral ties. The collaboration reinforces India’s role in stabilizing the region amid challenges facing Sri Lanka and enhances their long-standing partnership.
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