India stands ready to help Sri Lanka recover from economic crisis

India stands ready to help Sri Lanka with economic recovery

REPUBLIKA.CO.ID, NEW DELHI – India stands ready to help Sri Lanka restart the country’s troubled economy. A senior Indian official has held talks with the President and Prime Minister of Sri Lanka.

India has signaled its willingness to help with the $4 billion in loans, exchanges and aid it has provided to its cash-strapped neighbor. Indian Foreign Minister Vinay Kwatra, accompanied by Treasury officials, holds talks with President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe in the commercial capital of Colombo.

“India is stressed to stand ready to support Sri Lanka in its speedy economic recovery by promoting investment, connectivity and strengthening economic ties,” Indian Foreign Ministry Spokesman Arindam Bagchi said in a statement. Twitter as quoted from page to page AlgeriaThursday (6/23/2022).

Meanwhile, the Indian team held separate meetings with Wickremesinghe, the central bank governor, and Treasury officials. “The delegation will also hold talks with senior officials on the economic situation in the country and the terms of short-term and long-term assistance,” Sri Lanka’s Foreign Ministry said in a statement.

This week, Wickremesinghe told Parliament that India had been the main source of foreign aid to Sri Lanka this year, providing more than $4 billion.

The neighbors are also in talks for additional support, including a $500 million loan for fuel and help import fertilizer and rice, in Sri Lanka’s efforts to avert a food crisis. Sri Lanka plans to hold donor conferences with China, India and Japan

This comes as Sri Lanka continues talks with the International Monetary Fund over a bailout package worth around $3 billion. A critical foreign exchange shortage and runaway inflation have made life difficult for the South Asian nation’s 22 million people.

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