'Our Neighbors Have Responsibilities Too': EAM Jaishankar on Sri Lanka
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Synopsis
EAM Jaishankar emphasized India's supportive role in Sri Lanka's recovery from a severe economic crisis in 2022, highlighting mutual responsibilities in bilateral relations while reaffirming India's commitment to strengthening ties.
Key Takeaways
- India provided over $4 billion to Sri Lanka during its 2022 economic crisis.
- EAM Jaishankar emphasized mutual responsibilities between India and Sri Lanka.
- This visit marks the first by a foreign dignitary since the NPP government took office.
- India's Neighbourhood First Policy continues to guide bilateral relations.
- Sri Lanka holds a significant position in India's SAGAR initiative.
London, March 6 (NationPress) The External Affairs Minister (EAM), S. Jaishankar, discussed the ongoing developments in Sri Lanka and highlighted how the Narendra Modi-led Indian government aided its neighbouring nation in overcoming a severe and debilitating economic crisis that struck the South Asian country in 2022, which also ignited a political upheaval.
These comments were made at Chatham House, a think-tank based in London, on Wednesday, where he stated that India extended a financial support package exceeding $4 billion to assist Sri Lanka in navigating through the economic turmoil that plagued it in 2022.
While addressing India’s historical support for Sri Lanka, EAM Jaishankar remarked, "...When Sri Lanka faced a significant financial crisis, while much of the globe remained inactive, we promptly provided a package of over $4 billion, which was nearly double the size of the IMF package... However, even though we are a larger economy and generally generous, we have our own interests to safeguard. Thus, we expect our neighbouring nations to acknowledge our concerns as well. I am not implying that everything must be reciprocal, but there are mutual responsibilities, and just as we hold a duty to our neighbours, I believe they too have obligations towards us."
The EAM is notably the first foreign dignitary to visit Sri Lanka since the National People's Power (NPP) government, led by Anura Kumara Dissanayake, took office on September 23 last year.
He reiterated India’s unwavering support for Sri Lanka's economic recovery efforts, stressing that India’s Neighbourhood First Policy and Sagar outlook will persistently guide the enhancement of bilateral relations.
Sri Lanka, an essential maritime neighbour of India located in the Indian Ocean Region (IOR), is crucial to India’s initiatives like '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 unprecedented financial crisis that caused civil unrest and led to the resignation of the then-President Gotabaya Rajapaksa.
India provided nearly $4 billion in assistance to help Sri Lanka recover from its severe economic crisis after the country declared a default on over $51 billion in foreign loans. Before his departure, the Ministry of External Affairs in New Delhi mentioned that the visit signifies the mutual commitment of both nations to further strengthen their enduring partnership for shared benefits, in accordance with India’s Neighbourhood First Policy and SAGAR outlook.
Earlier, on December 16, 2024, EAM Jaishankar engaged with Sri Lankan President Anura Kumara Dissanayake during his three-day state visit to New Delhi, emphasizing the "island nation's crucial role in India's Neighbourhood First Policy and SAGAR Outlook".
He expressed confidence that President Dissanayake's discussions with Prime Minister Modi would enhance cooperation between New Delhi and Colombo.
Previously, in October, EAM Jaishankar met with Sri Lankan President Anura Kumara Dissanayake in Colombo. The two leaders explored avenues to strengthen collaboration and deepen bilateral ties for the benefit of both Indian and Sri Lankan citizens.
