EAM Jaishankar Discusses India's Role in Supporting Sri Lanka
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Synopsis
EAM S. Jaishankar emphasized India's crucial support for Sri Lanka in overcoming its economic crisis during his address at Chatham House. He highlighted a financial aid package exceeding $4 billion and reiterated the importance of mutual responsibilities between nations.
Key Takeaways
- India provided over $4 billion to aid Sri Lanka's recovery.
- EAM Jaishankar emphasized mutual responsibilities between India and Sri Lanka.
- The visit marks the first by a foreign dignitary since the new Sri Lankan government took office.
- India's Neighbourhood First Policy continues to guide bilateral relations.
- Sri Lanka's significance in India's maritime strategy is highlighted.
London, March 6 (NationPress) The External Affairs Minister (EAM), S. Jaishankar, addressed the ongoing circumstances in Sri Lanka, highlighting that the Indian government, led by Narendra Modi, has played a crucial role in assisting its neighboring nation to recover from a severe and debilitating economic crisis that struck the Asian country in 2022, which also triggered a political upheaval.
He made these statements at Chatham House, a prominent think-tank in London, on Wednesday, noting that India had provided a financial aid package exceeding $4 billion to support Sri Lanka in overcoming the economic turmoil that impacted it in 2022.
Discussing India's historical support for its neighbor, EAM Jaishankar stated, "...When Sri Lanka faced a significant financial crisis while much of the world remained inactive, we proactively offered a package of over $4 billion, which was nearly double the size of the IMF package... However, while we are a larger economy and generally generous, we have our own interests like any nation. Hence, we expect our neighbors to acknowledge our sensitivities as well. Therefore, while I'm not suggesting that it should be a perfectly balanced exchange, there are mutual considerations, and just as we have an obligation to our neighbors, they also have a duty to us."
The EAM is recognized as the first foreign dignitary to visit Sri Lanka since the National People's Power (NPP) government, led by Anura Kumara Dissanayake, assumed power on September 23 of the previous year.
He reaffirmed India's unwavering support for Sri Lanka's economic recovery efforts, stressing that India's Neighbourhood First Policy and Sagar outlook will persist in guiding the advancement of bilateral relations.
Sri Lanka, an essential maritime neighbor of India located in the Indian Ocean Region (IOR), occupies a significant position in India's initiatives such as 'SAGAR' (Security and Growth for All in the Region) and the 'Neighbourhood First Policy.'
In April 2022, the island nation announced its inaugural sovereign default since gaining independence from Britain in 1948, amid an unprecedented financial crisis that led to civil unrest and the resignation of former President Gotabaya Rajapaksa in 2022.
India extended nearly $4 billion in assistance to help Sri Lanka recover from the serious economic downturn, following the latter's announcement of a default on over $51 billion in foreign debt. Before his departure, the Ministry of External Affairs in New Delhi highlighted that the visit symbolizes the mutual commitment of both nations to strengthen their enduring partnership for collective benefit, aligned with India's Neighbourhood First Policy and SAGAR outlook.
On December 16, 2024, EAM Jaishankar met with Sri Lankan President Anura Kumara Dissanayake, who was visiting New Delhi for three days, and emphasized the "island nation's vital role in India's Neighbourhood First Policy and SAGAR outlook."
He 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 Sri Lankan President Anura Kumara Dissanayake in Colombo, where the two leaders deliberated on strategies to deepen collaboration and fortify bilateral relationships for the benefit of the people of both India and Sri Lanka.
