'We hold responsibilities to our neighbors, and they to us,' asserts EAM Jaishankar on aiding Sri Lanka
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Synopsis
EAM Jaishankar emphasized India's commitment to support Sri Lanka amidst its economic challenges. He highlighted the generous aid of over $4 billion provided by India to help Sri Lanka recover from its financial crisis and reiterated the mutual responsibilities shared between India and its neighbors.
Key Takeaways
- EAM Jaishankar discussed India's role in aiding Sri Lanka's economic recovery.
- India provided a financial package of over $4 billion to Sri Lanka.
- The visit highlights the ongoing commitment between India and Sri Lanka.
- Jaishankar emphasized mutual responsibilities between neighboring countries.
- India's Neighbourhood First Policy continues to guide bilateral relations.
London, March 6 (NationPress) The External Affairs Minister (EAM), S. Jaishankar, discussed the ongoing challenges in Sri Lanka and highlighted that the Indian government, under the leadership of Prime Minister Narendra Modi, has provided significant assistance to help the nation recover from a severe economic crisis in 2022, which also led to a political upheaval.
These statements were made during his address at Chatham House, a prominent think tank in London, where he noted that India extended a financial aid package exceeding $4 billion to support Sri Lanka in overcoming the economic turmoil it faced last year.
In his remarks, EAM Jaishankar emphasized that India has a long-standing tradition of aiding its neighboring country. He stated, "When Sri Lanka encountered a profound financial crisis while much of the world remained inactive, we stepped forward with a financial package of over $4 billion, which was nearly double the amount of the IMF package. However, while we are a larger economy and generally generous without expecting reciprocity, we have our own interests as any nation would. Thus, we also hope our neighbors recognize and address our sensitivities. Although not every engagement needs to be an equal exchange, there are mutual responsibilities. Just as we bear a responsibility towards our neighbors, our neighbors, in turn, have responsibilities towards us."
This visit marks EAM Jaishankar as the first foreign official to visit Sri Lanka since the inauguration of the National People's Power (NPP) government led by Anura Kumara Dissanayake on September 23 of the prior year.
He reiterated India’s unwavering support for Sri Lanka's economic recovery and reaffirmed that India's Neighbourhood First Policy and SAGAR outlook will remain pivotal in nurturing bilateral relations.
Sri Lanka, a crucial maritime neighbor of India in the Indian Ocean Region (IOR), occupies a significant position in India's initiatives including 'SAGAR' (Security and Growth for All in the Region) and the 'Neighbourhood First Policy.'
In April 2022, the island nation announced its first sovereign default since its independence from Britain in 1948, following an extraordinary financial crisis that incited civil unrest and led to the resignation of then-President Gotabaya Rajapaksa.
India provided nearly $4 billion in assistance to support Sri Lanka's recovery after it defaulted on over $51 billion in foreign loans. Before his departure, the Ministry of External Affairs in New Delhi stated that this visit highlights the mutual commitment of both nations to further enhance their enduring partnership for shared benefits, in alignment with India's Neighbourhood First Policy and SAGAR outlook.
Previously, on December 16, 2024, EAM Jaishankar held discussions with Sri Lankan President Anura Kumara Dissanayake, who was on a three-day state visit to New Delhi, emphasizing the "island nation's significant role in India's Neighbourhood First policy and SAGAR outlook".
He further expressed confidence that President Dissanayake's discussions with Prime Minister Modi would lead to enhanced cooperation between New Delhi and Colombo.
Earlier in October, EAM Jaishankar met with President Anura Kumara Dissanayake in Colombo. The two leaders explored avenues to deepen collaboration and fortify bilateral relations for the benefit of the peoples of both India and Sri Lanka.
